This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Zion Oil & Gas To Conduct In-Well Testing Operations At Its Elijah #3 Well

DALLAS and CAESAREA, Israel, June 19, 2013 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) ("Zion" or "Company") announced today that the Board of Directors approved of in-well testing at its Elijah #3 well in the Asher-Menashe License, in which an application was submitted to Israel's Petroleum Commissioner for a third one-year extension on April 26, 2013.

During Zion's 2013 Annual Shareholders' Meeting, the Board of Directors on June 12, 2013 approved an Authority for Expenditure ("AFE") proposal to conduct in-well testing of its Elijah #3 well within the Jurassic geological section, at approximately 7,380 feet (2,250 meters), with operations likely to occur in September, 2013. Zion then plans to perforate the zone of interest, fluid stimulate the carbonate rock, and perform a drill stem test. A drill stem test is a procedure for isolating and testing the pressure, permeability and productive capacity of a geological formation within a well. The test is a key method of obtaining information on the formation fluid and establishing whether a well has found a commercial hydrocarbon reservoir.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Haifa and Tel Aviv. It currently holds three petroleum exploration licenses, the Joseph and the Asher-Menashe Licenses, between Netanya, in the south, and Haifa, in the north, covering approximately 83,000 and 79,000 acres, respectively, and the Jordan Valley License to the east of Zion's Asher-Menashe license area, covering approximately 56,000 acres. Zion also awaits approval of the Megiddo-Jezreel License of approximately 98,000 acres, in which the proposed work plan and boundaries have been preliminarily approved by Israel's Petroleum Commissioner within the Energy Ministry. If the Energy Ministry grants Zion's applied-for Megiddo-Jezreel License, Zion's total petroleum exploration rights area will be approximately 316,000 acres.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs