Zion Oil & Gas Operational Update – November 12, 2020

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Dear Zion Oil & Gas Supporters and Shareholders,

 

We are happy to advise you that the vessel carrying Zion’s rig has docked in Haifa, Israel at 10:18am CST (6:18pm Israel).


BBC Bangkok Container Vessel Loaded with Zion Oil & Gas Rig and Equipment

The latest for the rig and other operations:

  • The vessel, “BBC Bangkok,” has arrived in Israel and has docked as of November 12. The first of 85 loads are expected to arrive at our drilling site on November 15 since deliveries of equipment are not allowed during Shabbat.

  • Our experienced rig crew has been released from quarantine and is preparing for the arrival of the rig and equipment. Assembly of the rig will begin as the deliveries arrive.

  • The crew has undergone an intensive Israeli-required safety training course designed to educate each employee on working with and moving heavy equipment, as well as working from heights.

  • We have worked with Israel’s water authority and have set up proper water safety protocols throughout the drilling operation.

  • We expect to spud the Megiddo-Jezreel #2 well at our current well location near Bet She’an by early to mid-December 2020.

We are thankful for all our supporters and shareholders who have prayed for this moment and we are excited for the days ahead.

Sincerely,

Rob Dunn
CEO & COO
Zion Oil & Gas

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, 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.