Market Overview

Zion Oil & Gas Drilling Rig Set to Depart for Israel

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DALLAS and CAESAREA, Israel, Sept. 21, 2020 /PRNewswire/ -- Zion Oil & Gas, Inc. (OTCQX:ZNOG) confirms transportation arrangements for its drilling rig from Romania to Israel.

"We are thankful for the many challenges the Zion team has been able to overcome," stated Zion CEO, Robert Dunn. "Despite the global challenges this year, we look forward to the Zion rig arriving at our drill site in Israel soon."

ZION OIL & GAS DRILLING RIG

Zion's drilling rig crew is mobilizing in preparation for an estimated nine (9) days of overland transport in Romania to its departure port. Once at the port, Zion has a confirmed vessel date for sea transport to be October 21, 2020, from Romania and arriving at Haifa port in Israel by October 27, 2020.

Zion's local logistics group in Israel is currently finalizing the rig importation customs paperwork. The first group of rig personnel visas are approved. Once in Israel, the rig-up crew and spudding crew will be required to quarantine in Israel for fourteen (14) days. Both crews are estimated to arrive in Israel by mid-October, 2020.

OPERATIONAL HIGHLIGHTS

In preparation for the rig arrival, setup, acceptance testing, and spudding the Megiddo-Jezreel #2 well, the conductor pipe has been set to a depth of 110 feet, the cellar has been completed (dug and cemented), and other finalizations of the pad are ongoing.

Zion has finalized arrangements for such essential services as directional drilling services, mudlogging services, wireline/logging services, and cementing services. Much of the necessary additional equipment needed such as drill pipe, casing, mud, chemicals, wellhead, a blowout preventer (BOP) and drill bits, has also been contractually secured by Zion.

Zion's drilling crew will complete a water well monitoring program in compliance with the Megiddo-Jezreel lease agreement and Water Authority mandate before spudding the Megiddo-Jezreel #2 well. The estimated completion time for the water monitoring program is fourteen (14) days. Upon completing the well monitoring program, the Megiddo-Jezreel #2 drilling campaign will begin, and Zion will spud the well.

WARRANT EXPIRATION DATES EXTENDED

On September 15, 2020, Zion executed an Amendment to certain Warrant Agent Agreements between Zion and AST Financial to extend the expiration date of all outstanding warrants by two (2) years.

"We will do all that we can to support the Zion shareholders who have invested with faith," expressed John Brown, Zion's founder and board chairman.

Details on Zion's warrant extension can be found within the 8-K filing with the SEC filed on September 21, 2020, and Zion's website (www.zionoil.com/dspp/exercise-warrants).

Zion Oil & Gas, a public company, traded on OTCQX Best Market, explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area.

"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." 
Deuteronomy 31:8

"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."
Isaiah 12:5-6

FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion's operations; Zion's ability to continue as a going concern;  operational risks in ongoing exploration efforts; importing the rig it purchased into Israel in a timely manner; the timing and completion of the processing, interpretation of the results and plans contingent thereon off the 3-D seismic survey; regulatory approvals needed for the rig's erection and startup; the effect, if any, of the coronavirus pandemic on the timing of the delivery and start-up of the well, and liquidity for shareholders on OTCQX 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. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion's filings with the SEC. 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.

Contact Info:
Andrew Summey 
VP, Marketing and Investor Relations 
Zion Oil & Gas, Inc. (OTCQX:ZNOG)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com  
www.zionoil.com

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SOURCE Zion Oil & Gas, Inc.

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