Zion Oil & Gas has provided an update on operations onshore Israel, following its recent annual meeting.
The Company highlighted seven significant points that cover operational, licensing, and geological aspects, concerning preparations for the re-entry of the Megiddo-Jezreel - 1 well (MJ-01):
- We are working on reentering the Megiddo-Jezreel #1 well (MJ-01), where new technologies and data will be implemented with the aim of having a producing well.
- Our team is focused on using new stimulation methods for MJ-01, anticipating improved flow probability in several key zones.
- We are making significant strides in finalizing plans with service providers and contractors, with our operations team diligently finalizing the reentry plans for the MJ-01 well.
- A reminder that a key component is that we own our own rig and are precuring many ancillary items that strengthen our operational capability.
- We have completed meetings with service providers, receiving pricing estimates to facilitate budgeting and future planning.
- We anticipate hitting the ground running, assuming we receive approval from the ministry in Q3.
- Our future plans include additional exploration projects.
Megiddo-Jezreel license area (Source: Zion Oil & Gas)
Rob Dunn, CEO, said:
'We believe these developments put us in an excellent position for our operations, further our exploration efforts, and, ultimately, deliver value to our dedicated investors.'
Source: Zion Oil & Gas
