ZION OIL & GAS AWARDED NEW MEGIDDO VALLEYS LICENSE ONSHORE ISRAEL
Zion Oil & Gas announced that the State of Israel has awarded Zion a new exploration license, named the Megiddo Valleys #434.
This exploration license 434, similar to Zion’s previous exploration licenses, will be valid for three years until September 13, 2026, with the option of four 1-year extensions for a total of seven full years until September 13, 2030. This new license includes approximately 302 square kilometers or about 75,000 acres.
Zion plans to start re-completion operations on the Megiddo-Jezreel #1 well (MJ-01) as soon as possible. Zion is deploying new technologies, focusing on new stimulation methods for MJ-01, and aiming to potentially unlock hydrocarbon flows in several identified key zones. Zion has already procured service contractors and ancillary items required for efficient operations and anticipates commencing operations in Q4.
Zion attributes these achievements to God’s faithful provision through the unwavering support of its shareholders and steadfast prayers for Zion Oil & Gas.
Zion Oil & Gas, a US public company traded on the OTC Market, explores for oil and gas onshore in Israel.
(Source and image: Zion Oil & Gas)