Zion Oil & Gas Operations Update from Israel as of January 31, 2023

January 31, 2023
Zion Oil & Gas Operations Update from Israel as of January 31, 2023
 

Dear Zion Supporters and Shareholders,

We filed an amended application with the Israel Ministry of Energy for a new exploratory license on January 24, 2023, covering the same area as our License No. 428, which expires on February 1, 2023. Our original application to replace License No. 428 was filed on May 11, 2022, and a revised application was filed on August 29, 2022.

With the third Israeli parliamentary election since March 2020, our new license application was delayed until after the last election, which took place on November 1, 2022. Following the November election, a transition period ensued, and then a new Minister of Energy was finally appointed on January 1, 2023, who only then appointed a new Director General of the Ministry.

As previously reported, we have re-examined the logs and other data from our MJ-01 well in preparation for planned re-entry. Our license application was amended to address the planned re-entry, requiring a change in the workplan portion of the application.

We have been working closely with Ministry officials since May of 2022 to address questions and resolve any issues raised by our application. We believe we have met all the preliminary license requirements. We cannot guarantee the outcome, but we anticipate our amended license application will be favorably considered by the Ministry and other necessary regulatory agencies.

During the newly formed Israeli administration’s review process, we plan to maintain our I-35 drilling rig and related components on our current pad site and perform necessary rig maintenance, engineering, and design for the planned re-entry.

We are grateful to God for His continued provisions and thankful for our loyal shareholders and supporters who make our work possible. Your prayers have made a big impact and we will continue to focus on our company's vision.

We will keep you updated with any important and materially relevant information as soon as we have it.

Sincerely,

Rob Dunn
CEO