Gulf Oil and Gas accountACCOUNT

Israel Grants Zion Megiddo-Jezreel Exploration License

Source: 12/11/2013, Location: Middle East

The State of Israelís Petroleum Commissioner awarded Zion Oil & Gas, Inc. (ZN) the Megiddo-Jezreel Petroleum Exploration License No. 401, on December 3, 2013.

License Details
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 Zionís 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.

Drilling Prospect
Under the terms of the Megiddo-Jezreel License, the Company is to identify and submit a drilling prospect in the license area by July 1, 2015; enter into a contract for the drilling of such prospect by October 1, 2015; and begin drilling or ďspudĒ a well to a minimum proposed total depth of approximately 4,000 meters (~ 13,125 feet) by December 1, 2015.

Additional terms of the License require Zion to attain various geological and geophysical milestones during the primary term, including reprocessing and acquiring additional seismic data, all of which should be achievable before the stated deadlines. The new license award follows the Companyís submission in April of 2013 of a detailed and extensive application proposal seeking the Petroleum Exploration License in the Megiddo-Jezreel Valley area.

John Brown, Zionís CEO, said, "This is a key milestone in Zionís future exploration success. We are committed to stay the course and fulfill Zionís 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."

Victor G. Carrillo, Zionís President and Chief Operating Officer, said, "Being awarded the 98,842 acre Megiddo-Jezreel Valley License is a critically important step for Zionís future exploration efforts. We have many prerequisite steps before we can drill our next deep exploratory well but we plan to get to that point as expeditiously as possible. This new area appears to have all of the geologic ingredients of an active petroleum system with good potential."

Acquisitions and Divestitures News in Israel >>

Norway >>  10/14/2019 - Neptune Energy has entered into a conditional Sale and Purchase Agreement with Energean Oil and Gas to acquire Edison E&Pís UK and Norwegian producing...
Brazil >>  10/13/2019 - Petrobras has been awarded one offshore block in the 16th ANP Bidding Round under the Concession Regime, held by the National Agency of Petroleum, Na...

Brazil >>  10/11/2019 - In Brazilís 16th Bidding Round for oil and gas exploration blocks, Wintershall Dea was awarded two offshore blocks in the Santos and Campos basins wit...
Brazil >>  10/10/2019 - Total, operator, and its co-venturers Qatar Petroleum and Petronas have won the C-M-541 deep offshore block in the 16th Bidding Round held by Brazilís...

Brazil >>  10/9/2019 - Wintershall Dea farms down a 30% participating interest in its three Potiguar offshore exploration blocks POT-M-857, POT-M-863 and POT-M-865 to the su...
Netherlands Antilles >>  10/9/2019 - Solo (SOLO), is pleased to announce that its wholly owned subsidiary, Scirocco (Netherlands) Energy B.V., has entered into a binding sale and purchase...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Israel Oil & Gas 1 >>  2 | 3 | 4 |

Oil & Gas Projects in Israel >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.