DALLAS and CAESAREA, Israel, Aug.
15, 2019 /PRNewswire/ -- Zion Oil & Gas,
Inc. (Nasdaq: ZN) announces they have signed an agreement
for geophysical acquisition services with Acoustic
Geophysical Services KFT ("AGS"), an international seismic company
based in Budapest, Hungary.
"We estimate that the vessels carrying the trucks and equipment
will arrive by the end of August," Zion's COO, Robert Dunn said. "Barring any unforeseen
circumstances, we expect the equipment to be on location within the
first few weeks of September."
"We are pleased with our progress to date on this important 3-D
seismic survey," stated Zion's President, Bill Avery. "We believe it will be the largest
high-density land 3-D seismic acquired to date in Israel."
AGREEMENTS AND UPDATE ON 3-D SEISMIC PROJECT
In addition to the signed AGS agreement and expected equipment
arrival, Zion reported significant progress on the following
- The Ministry of Transport formally approved the importation of
seismic source vehicles effective August
- ASG has started mobilization of its equipment in Europe to the port of Koper, Slovenia.
- As of August 3, the advance
mapping team, along with Zion's contractor, completed preparation
of the geophone locations in and around local town areas. Detailed
infrastructure mapping is also completed.
- The landowner permitting process continues unabated and is
expected to be completed by the first week of September.
- The geophysical survey crew is mobilizing mid-August and should
be on location by August
26th. The survey crew will start staking out the
program, allowing the recording crew to then deploy equipment.
- The data acquisition crew is expected to begin equipment
testing by September 7, and
deployment of equipment will immediately follow the testing.
"We want to thank our dedicated shareholders and the nation of
Israel for the opportunity to
become true pioneers with this 3-D program," expressed Zion's CEO,
John Brown. "We also would like to
acknowledge the hard work of Zion's Israeli team for the tremendous
effort and professionally navigating the logistical
Zion Oil & Gas, a public company traded on NASDAQ (ZN),
explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel
"The Lord Himself goes before you and will be
with you; He will never leave you nor forsake you. Do not be
afraid; do not be discouraged."
"Sing to the Lord, for he has done glorious
things; let this be known to all the world. Shout aloud and
sing for joy, people of Zion, for great is the Holy One of
Israel among you."
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including statements regarding Zion's
planned operations, anticipated attributes of geological strata
that may be drilled or tested in the future, Zion's ability to
successfully raise the funds needed to undertake these exploration
efforts; Zion's ability to continue as a going concern; Zion's
ability to comply with the continued listing requirements of the
Nasdaq Capital Market; Zion's ability to import into Israel or otherwise obtain the necessary 3-D
imaging and related equipment and appropriate staff at commercially
reasonable rates, Zion's success in obtaining the necessary
licenses and permits needed to undertake the seismic shoot, the
timing of the 3-D seismic survey and the interpretation of the
results, operational risks in ongoing exploration efforts, Zion's
ability to raise the capital needed to complete the 3D survey and
the interpretation of the results thereof, 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.
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
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SOURCE Zion Oil & Gas, Inc.