Zion Oil & Gas, Inc. (OTC: ZNOG) is pleased to announce a significant operational milestone as work resumes on the recompletion of the Megiddo-Jezreel 1 (MJ-01) well in Israel. This marks a crucial phase in Zion's ongoing efforts to unlock Israel's onshore energy potential.
Operations Update: Crews on the Ground and Progress Underway
Zion's rig crew arrived in Israel on February 15, 2025, and has commenced critical maintenance and preparatory work. The rig, which was safely "warm stacked" in September, is undergoing necessary maintenance procedures, including fluid changes, lubrication and greasing, and mechanical, electrical, and safety audits to ensure peak functionality.
Following maintenance, the team will begin drilling out the temporary plug at approximately 1,100 meters. This phase is expected to take 2-3 weeks, paving the way for the subsequent well recompletion and testing operations. Once the plug is removed, Zion will proceed with setting a permanent plug at the deeper part of the well to isolate the targeted zones of interest for testing.
Global Coordination & Logistics
Zion Oil & Gas has successfully navigated complex logistical challenges to ensure the timely delivery of essential equipment. Resources are currently enroute from across the globe, including India, Romania, Germany, the Netherlands, the UAE, the United States, and Tanzania. This unprecedented international cooperation underscores the dedication and perseverance of Zion's team and partners.
"As we move forward with this phase of operations, we are witnessing God's provision in extraordinary ways," said Monty Kness, VP of Operations. "The ability to coordinate a project of this scale, with equipment and expertise sourced from multiple continents, is a testament to both our team's determination and the global support behind our mission."
Security and Site Preparedness
Zion has maintained continuous security at the MJ-01 site, ensuring a stable and secure operational environment. Additionally, commercial air travel into Israel has steadily resumed, further supporting logistical operations.
"Our focus remains on safety, precision, and execution," said Zion CEO Rob Dunn. "With boots on the ground and critical equipment in motion, we are committed to seeing this project through knowing God has directed our steps forward."
Completion Timeline & Next Steps
With all necessary equipment expected to be on-site by mid-March, barring unforeseen circumstances Zion anticipates its well completion and testing operations should be nearing completion in Q2 2025. The team remains confident in its planned operations and will continue to provide updates as milestones are achieved.
Final Opportunity: Unit Program Closing February 28, 2025
Zion Oil & Gas reminds investors that the current Unit Program will close on February 28, 2025. This is the final opportunity to participate before the program concludes.
For every $250.00 UNIT purchased, investors receive:
- Common stock based on the high-low average sale price onOTCQB: ZNOG for the day of purchase (or the next trading day if purchased after 4:00 PM EST).
- 50 Warrants with an exercise price of $0.25 each.
- 50 Additional Warrants for those enrolled in Automatic Monthly Investments (AMI) at $50/month or more (one-time only).
- Warrants are exercisable for 12 months from March 31, 2025, to March 31, 2026.