Zion Oil & Gas Operations on the Ma’anit #1 Well to Resume
DALLAS - Zion Oil & Gas, Inc. of Dallas, Texas signed a Workover and Completion Services Agreement with its drilling contractor, Lapidoth – Israel Oil Prospectors Corp., to reenter Zion’s Ma’anit #1 well bore to perform remedial workover, completion and testing services. The new schedule has been approved by the Israeli Petroleum Commissioner.
In addition, Zion has extended the final closing of its IPO until the earlier of (a) May 25, 2007 or (b) the completion of a cement bond survey in the Ma’anit #1 well to determine the quality of the cement bond between the well casing and the surrounding formations. It is possible that the cement bond survey will be completed as much as three weeks prior to May 25. Zion will give at least two days prior notice of the termination of the offering if the final closing will take place before May 25, 2007.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel on its Ma’anit-Joseph License and Asher Permit areas located onshore between Tel Aviv and Haifa. The net proceeds of Zion’s offering will mainly be used for a completion attempt on the Ma’anit #1 exploratory well drilled by Zion in 2005 to a total depth of 15,842 feet and, if the maximum offering is successfully completed, to drill an appraisal well on its license. In the event of a commercial discovery, following recovery of certain exploratory costs, Zion intends to donate 6% of its gross revenues from the license to two charitable trusts to be established by Zion, one in Israel and one in the U.S. The common stock of Zion is traded on the American Stock Exchange under the ticker symbol “ZN”.
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