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DALLAS and CAESAREA, Israel, Jan. 8, 2014 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. ("Zion" or "Company") (Nasdaq: ZN) announced today that, on January 5, 2014, Zion Oil & Gas Inc. ("Zion" or the "Company") initiated re-entry operations at the Elijah #3 well in Israel. Our key zone of interest is at a depth of approximately 2,231 to 2,253 meters (7,320 to 7,390 feet).
Elijah #3 Oilfield Operations Location on our Asher-Menashe License
Under Zion's Asher-Menashe License, the Company is required to perform a perforation and stimulation operation at the Elijah #3 well and conduct a production test. We plan to perforate the zone of interest, fluid stimulate the zone, and perform a drill stem test.
A drill stem test is a procedure for isolating and testing the pressure, permeability and productive capacity of a geological formation within a well. The test is a key method of obtaining information on the formation fluid and establishing whether a well has found a commercial hydrocarbon reservoir.
If the test is positive, the Company will contact the Petroleum Commissioner's office to discuss future development plans. If the test is negative, the Company plans to plug the well immediately.
Zion's common stock trades on the NASDAQ Global Market under the symbol "ZN".
Zion Oil & Gas, a Delaware corporation, explores for oil and gas onshore in Israel. 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). Zion's total license area currently amounts to approximately 234,000 acres.
FORWARD LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, plans to achieve certain milestones, and plans for future drilling, 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.
