🇮🇱 Zion Oil & Gas Update: Encouraging Developments – April 8, 2024

April 8, 2024

Dear Zion Shareholders and Supporters,

As the Passover season approaches, marking a time of God’s miracles for Israel, we are pleased to share some encouraging developments in our MJ-01 recompletion project.

We have begun working on visa applications for our rig crew in preparation for their entry into Israel. Upon the completion of the work visa process, the crew will travel to Israel and begin inspecting the rig to make sure it conforms to industry requirements for workover operations. We anticipate boots on the ground by mid-Q2.

Afterwards, the crew will rig down, slide the drilling rig over several meters and rig up on the MJ-01 well location. The crew will then open the well and continue to follow the approved work plan in conjunction with the selected service providers. This should occur toward the end of Q2 or early Q3 depending on subsurface conditions encountered during the reopening phase and contractor scheduling availability.

We have made strategic adjustments to control both cost and time. Despite the typical delays during Passover, which this year begins on the evening of April 22nd and ends on the evening of April 30th, we have satisfied all regulatory requirements necessary to commence operations, including, as previously mentioned, approval by the Supervisory Committee. We are ready and will move forward following the holiday period.

Additionally, due to ongoing shareholder response, our Unit Program has been extended through Passover until April 30st. This provides a unique opportunity for those who wish to support our efforts to help ensure Israel's energy future. You may learn more about this investment opportunity here.

Please keep Israel (especially during this time of war), our rig crew, and our Zion staff in your prayers as we lean on God’s faithfulness during these times. We are grateful for your unwavering support and will continue to provide updates as the MJ-01 recompletion project progresses.

With Shalom during this season of God’s miracles,
 
Robert Dunn
CEO

Monty Kness
VP of Operations