Zion Oil & Gas Exploratory Well Update in Israel

Petroleum Commissioner Visits Site

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Jan 05, 2018, 02:30 ET

DALLAS and CAESAREA, Israel, Jan. 5, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that its Megiddo-Jezreel #1 well (MJ #1) is currently at a depth of 4,330 meters (~14,200 feet), which is approximately 1,000 meters deeper since recommencing drilling on December 9, 2017.

Zion Geoscience Consultant, Moshe Politi (left), Zion General Manager, Jeffrey Moskowitz (center) and Israel’s Petroleum Commissioner, Yossi Wurzburger, (right) Visits Zion’s MJ #1 well

Zion Oil & Gas License Area - 99,000 Acres

Zion's President, Dustin Guinn, provided further explanation for the recent changes stating, "While it was a difficult decision to change the well plan and set our 7" casing earlier than we had originally planned, the drilling results have definitely supported that decision. Had we not revised our well plan, it would have been difficult, if not impossible, to drill to the depths we are at today. In fact, we are now planning to potentially deepen the well to 5,000 meters (~16,400 ft), from the originally planned 4,500 meters."

Zion's CEO, Victor G. Carrillo, added, "Various factors have influenced our decision to drill ~500 meters deeper than our originally planned total depth (TD). Most significantly is that we want to have the opportunity to see as much of the deep Triassic Mohilla Formation as possible in an effort to tap into the blessings of the deep that lies beneath (Genesis 49:25). We are now aiming for a TD that is just over three miles deep. The Mohilla is a significant oil producing horizon in Israel's onshore Meged Field, discovered by the Israeli company named Givot Olam. That company's website reports that over 700,000 barrels of high-quality oil has been produced out of the Mohilla in the Meged-5 well (from 2011-2013). That well was drilled to 4,700 meters, and the crude oil sales have yielded over $60 million (as of June 2014)."

This week, Israel's Petroleum Commissioner visited Zion's MJ #1 well site for the first time and was pleased and supportive of the ongoing drilling operations.

FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, anticipated attributes of geological strata being drilled, the presence or recoverability of hydrocarbons, operational risks in testing and well completion, timing and potential results thereof and plans contingent thereon are forward-looking statements as defined in the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.

Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Andrew Summey
Telephone: 888-891-9466
Email: [email protected]
www.zionoil.com

SOURCE Zion Oil & Gas, Inc.