I highly recommend that anyone trying to understan
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Posted On: 06/11/2023 3:29:56 AM
I highly recommend that anyone trying to understand the technical and relationship with the government position of the company watch the business meeting. It can be found at: https://www.zionoil.com/2023ams/.
Some of the highlights I heard:
1. There are 533M shares that had the had voting rights for the proposals.
2. All proposals passed, but the proposal to increase share from a maximum of 800M to 1.2B barely passed.
3. An excellent presentation was given on what exactly happened with the MJ02 drill site, and why the information procured from MJ02 has increased their knowledge and anticipation of success on the re-opening of MJ01.
4. There are actually 3 zones which undeniably have oil. (1. ~4750 mtr = ~15600 ft, 2. ~4875 mtr = ~16000 ft, 3 ~5025 mtr = ~16500 ft). However, they simply have not yet been able to sustain flow.
5. Gave an explanation of some new technologies they intend to use to encourage a sustained flow. Technology that was not available 5 years ago when MJ01 was being drilled.
6. Gave some excellent insight on the difficulties of working with the constantly changing administrations due to the volatile political situation. Some of those administrations were not receptive to petroleum exploration.
7. Gave the explanation of a very soft date of September to re-open MJ01, but they are waiting for the Israeli government to approve the license for drilling. Basically, implied that they are getting everything in place so that when they receive the approval, they will be ready to quicky re-open MJ01. Implied that the effort would go “very fast” (whatever that means) once it begins.
8. Gave a soft answer to what is the minimum flow rate that they would consider commercially viable. The answer was 200-300 barrels a day based on market conditions at the time.
9. Gave the continuing vision of the company should it successfully achieve a commercially viable flow. Basically, they would become then an exploration and production (E&P) company that would continue to explore and drill new sites based on the what they have learned so far.
Yeah, it is a long watch, but I thought very educational.
Some of the highlights I heard:
1. There are 533M shares that had the had voting rights for the proposals.
2. All proposals passed, but the proposal to increase share from a maximum of 800M to 1.2B barely passed.
3. An excellent presentation was given on what exactly happened with the MJ02 drill site, and why the information procured from MJ02 has increased their knowledge and anticipation of success on the re-opening of MJ01.
4. There are actually 3 zones which undeniably have oil. (1. ~4750 mtr = ~15600 ft, 2. ~4875 mtr = ~16000 ft, 3 ~5025 mtr = ~16500 ft). However, they simply have not yet been able to sustain flow.
5. Gave an explanation of some new technologies they intend to use to encourage a sustained flow. Technology that was not available 5 years ago when MJ01 was being drilled.
6. Gave some excellent insight on the difficulties of working with the constantly changing administrations due to the volatile political situation. Some of those administrations were not receptive to petroleum exploration.
7. Gave the explanation of a very soft date of September to re-open MJ01, but they are waiting for the Israeli government to approve the license for drilling. Basically, implied that they are getting everything in place so that when they receive the approval, they will be ready to quicky re-open MJ01. Implied that the effort would go “very fast” (whatever that means) once it begins.
8. Gave a soft answer to what is the minimum flow rate that they would consider commercially viable. The answer was 200-300 barrels a day based on market conditions at the time.
9. Gave the continuing vision of the company should it successfully achieve a commercially viable flow. Basically, they would become then an exploration and production (E&P) company that would continue to explore and drill new sites based on the what they have learned so far.
Yeah, it is a long watch, but I thought very educational.
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