Zion Oil & Gas, Inc. said Friday that Israel’s Petroleum Commissioner awarded the conpany Megiddo-Jezreel Petroleum Exploration License No. 401.
The Megiddo-Jezreel License covers an area of approximately 400,000 dunam (400 square kilometers or 98,842 acres), of onshore land south and west of Zion’s existing Jordan Valley License.
The new License has a three-year primary term, commencing December 3, 2013 and going through December 2, 2016. The License may be further extended for additional one-year periods up to a maximum of seven years as provided by the Israeli Petroleum Law.
The license obligates Zion to identify and submit a drilling prospect by July 1, 2015, enter into a drilling contract October 1, 2015, and begin drilling or “spud” a well to a minimum proposed total depth of approximately 4,000 meters (~ 13,125 feet) by December 1, 2015.
John Brown, Zion’s CEO, said, “This is a key milestone in Zion’s future exploration success. We are committed to stay the course and fulfill Zion’s vision to render assistance to the Jewish people and Nation of Israel and to aid them in the Restoration of the Land by providing the oil and gas necessary to help the People of Israel maintain their political and economic independence.
Zion’s common stock trades on the NASDAQ Global Market under the symbol “ZN”.
It currently holds three petroleum exploration licenses: the Asher-Menashe License (on approximately 79,000 acres), the Jordan Valley License (on approximately 56,000 acres), and the newly granted Megiddo-Jezreel License (on approximately 99,000 acres).