Press Release: January 6, 2021 – Zion Oil & Gas Spuds the Megiddo-Jezreel #2 Well in Israel

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Zion Oil & Gas Spuds the Megiddo-Jezreel #2 Well in Israel

Zion begins drilling at 08:24 CST

DALLAS, Texas, and CAESAREA, Israel, January 6, 2021

Zion Oil & Gas, Inc. (OTCQX: ZNOG) announces the spudding of the Megiddo-Jezreel #2 (MJ02) well in Israel.

With unique operating conditions in the Covid 19 environment, our crews have performed an amazing task,” expressed Zion Oil & Gas CEO, Robert Dunn. “We are thankful for the commitment and dedication of our shareholders and contractors. As we move forward with our MJ02 drilling operations, we continue to pray for a safe and productive work environment for our staff/contractors on location.”

ZION SPUDS WELL

Beginning at 08:24 CST (16:24 in Israel), Zion Oil and Gas officially spudded the Megiddo-Jezreel #2 well in Israel, which is an important 2021 milestone toward reaching our goals.

Zion spudding of the MJ02 well in Israel on January 6, 2021

OPERATIONAL HIGHLIGHTS

“Mobilizing a rig into a new country during a pandemic and rigging up is the most challenging part of the drilling operation,” Zion’s VP of Operations, Monty Kness, stated. “I couldn’t be prouder of the resilience of the crew, who worked tirelessly through the holidays and navigated through constant uncertainty to spud the well. The morale of the crew remains high, and everyone at Zion continues to be thankful for the patience and dedication of our shareholders.” 

The crew previously completed the deep monitoring well on MJ-01 as mandated by the Israeli Water Ministry. During this period, the crew also underwent various inspections from the Israeli ministries. All necessary permits to operate have been granted. 

After completing the deep monitoring well, the crew had to disassemble and move the rig to the new location for the MJ-02 well. The crew worked diligently to rig up a second time and spud the well at 16:24 Israeli time on January 6, 2021.

Despite all the uncertainty and ever-changing regulations and shutdowns, the crew has all equipment and personnel in the country to complete the first two sections of the well. The remaining equipment is scheduled to arrive in port January 8, with the additional cementing, logging tools, and mud chemicals arriving as needed in advance of the final sections.

Zion Oil & Gas Drilling Rig in Israel. Photo taken on January 3, 2021

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; 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, start-up, and operation; the effect, if any, of the coronavirus pandemic on the timing of the delivery, start-up and operation 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.