Zion Oil & Gas Israel Drilling Update Successfully Ran Open Hole Logs and Installed Casing Liner

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Nov 02, 2017, 08:30 ET

DALLAS and CAESAREA, Israel, Nov. 2, 2017 /PRNewswire/ -- Zion Oil & Gas, Inc. (NASDAQ: ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel, near the eastern border with Jordan. After drilling to a depth of ~10,965 feet (~3,342 meters), Zion successfully ran open-hole logs and installed and cemented the 7" casing liner from ~10,925 feet (3,331 meters) to ~6,224 feet (1,897 meters).

Zion’s Megiddo-Jezreel #1 rig in Israel.

Zion's President, Dustin Guinn, says, "As a result of the increased level of gas, positive logging results, and belief that we are approaching a key zone of interest, coupled with the fact that we had an extensive amount of open hole (~4,400 feet), we made the decision to case this section of the well. After encountering a material section of shale, followed by a return to fractured carbonates with continued increasing hydrocarbon indicators, we felt it was in the best interest of all involved to take a conservative approach to protect the wellbore and help ensure we can successfully reach our target depth (TD). While it is a deviation from the original well plan which initially planned to drill to our target depth without making an additional casing run, we feel that ensuring well integrity is of paramount importance. We recognize that while this change of well plan may, in the short term, extend the time to reach our target depth, we feel it is a course of action that is not only prudent but in the best interest of our shareholders and all involved. Our goal is to ensure that we can reach our desired TD and this plan provides the best opportunity to do so safely" (Isa 14:24).

We expect that the additional equipment that has been ordered, such as smaller diameter tubulars, drilling bits, and well control equipment needed to drill out from below the casing shoe, will arrive in Israel in late November. They will be coming from countries such as Scotland, Italy, and the UAE. Drilling will re-commence immediately thereafter and we expect, barring any material drilling difficulties, to complete drilling to TD in late December.

From everyone at Zion, we want to sincerely thank you for your continued support and we ask that you pray for continued safety, protection, and provision (1Thes 5:16-18).

FORWARD LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, geophysical and geological data and interpretation, anticipated attributes of geological strata being drilled, the presence or recoverability of hydrocarbons, operational risks in testing and well completion, the sufficiency of cash reserves, ability to raise additional capital, 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.