DALLAS and CAESAREA, Israel, Aug.
22, 2017 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) makes preparations to obtain wireline logs and
case the next well interval at a depth of approximately 2,000
meters (6,560 feet).
Victor Carrillo (CEO),
Dustin Guinn (President), and Dr.
Lee Russell (Senior Geoscience
Advisor and Board Director) arrived in Israel this week to be on site for upcoming
operations at Zion's Megiddo-Jezreel #1 well.
Senior Geoscience Advisor, Dr. Russell explains, "Recent
drilling over the last few hundred meters suggests the possible
existence of a highly fractured carbonate section in the Jurassic,
which presents optimism for potential reservoir characteristics.
Carbonate reservoirs are prominent in the Middle East, with around 70% of oil and 90% of
gas reserves held within these reservoirs. Based on the evidence of
existing fractures, we are eager to see what the next logging run
will show us. There are multiple zones of interest through
which we still plan to drill and evaluate as we drill towards our
total depth."
Zion President, Dustin Guinn, adds, "Given the formation
characteristics that can be expected with highly fractured
carbonates, we made the decision, to insure safety and well
integrity, to case this interval at a shallower depth than
previously anticipated. While this is a change to the drilling
program, it is not expected to materially affect the expected total
depth to which we hope to drill. I am also excited
about the formation characteristics and while it may present
drilling challenges, it may also present reservoir characteristics
that are intriguing."
In 2015, an independent study by the international consulting
company Beicip-Franlab concluded that up to 6.6 billion barrels of
oil (in-place best estimate) remain to be found in Israel's Levant Basin. Zion's
Megiddo-Jezreel License area is entirely within the Levant Basin
and is well positioned to encounter the key geologic ingredients of
an active petroleum system.
Zion Oil & Gas explores for oil and gas onshore in
Israel and its operations are
focused on the Megiddo-Jezreel License (approximately 99,000 acres)
south and west of the Sea of Galilee.
For more information on Zion Oil & Gas, go to
www.zionoil.com/
Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000
Dallas, TX 75243
Andrew Summey
Telephone: 888-891-9466
Email: andrew.summey@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.