PRESS RELEASE
Zion Oil & Gas Operational Update on Megiddo-Jezreel #1 Well in Israel
Zion to commence testing expanded zone of interest
DALLAS and CAESAREA, Israel, June 19, 2018 - Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it expects to commence perforation, stimulation and flow back operations on multiple stages of its Megiddo-Jezreel #1 (MJ #1) well as early as June 21, 2018.
Zion’s President and Chief Operations Officer, Dustin Guinn, explains Zion’s current testing operations, “As I have mentioned in previous announcements, the next two zones, the second and third primary testing objectives, are key zones of interest.
“We had originally planned to test the zones independent of one another, but both the proximity of the zones and downhole condition considerations have led us to change our strategy and combine these zones to test them simultaneously.
“While it has added a few days to properly plan for the logistics of this change with our service providers, we believe that these changes will provide the best opportunity for success in two of the zones that from a log analysis perspective identify some of the most encouraging criteria for production.
“Barring any unforeseen mechanical issues, we expect to complete the perforation and stimulation next week, after which we will monitor the well before proceeding to additional zones of interest.
“We recognize the keen interest in the MJ #1 well from not only our shareholders and the various Israeli regulatory agencies, but from many people who simply have strong feelings about Israel.
“As such, we treat this project with the utmost diligence, balancing a sense of urgency for results while continuing to insist on a zero tolerance policy regarding health, safety, security and environmental incidents.
“Management’s job is to provide long-term shareholder growth. Ultimately, that’s by finding and producing commercial amounts of oil and/or natural gas. Releasing partial or incomplete testing result information only drives short term speculation which is harmful to our long-term shareholders.
“Therefore, we will not be releasing any information, other than operational updates, until we have concluded the initial testing and analyzed the results of the primary targets at a minimum.
“This should take weeks, not months, unless unexpected mechanical issues arise.
“We want to continue to thank all of our loyal shareholders who have made this project a reality and ask that you continue to pray for success and safety in helping Israel become energy independent, giving Zion a huge platform to share the gospel of Jesus Christ.”
“I have heard your prayer and your petition that you made before Me…” 1 Kings 9:3
"…The LORD has broken through my enemies before me, like a breakthrough of water" Psalm 95:1-7
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 or tested, 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.
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