🇮🇱 Zion Oil & Gas Update: Unit Program Extended Until February 29, 2024

January 29, 2024

Dear Zion Shareholders and Supporters,

Following the award of our new license and the subsequent approval of our workplan, we've encountered some procedural delays, particularly as they coincided with the outbreak of war in Israel. Navigating these challenging circumstances has been mostly smooth, thankfully, and our commitment to moving forward with the recompletion of MJ-01 remains steadfast.

We are still on track to commence operations in the first quarter of 2024. This is a testament to our team's resilience and dedication. We are working closely with the Israel Land Authority and local kibbutzim, ensuring long-term leases and compliance with all necessary bureaucratic processes. We're also coordinating with various committees and the Environmental Ministry to ensure all prerequisites are met. Most of these had to be revisited with the new license being granted and our workplan approval.

Considering these developments, we have decided to extend our current Unit Program until February 29, 2024. This extension offers an ongoing opportunity for you to be part of Zion's mission:

• Duration: Extended from January 31, 2024, to February 29, 2024.
• Warrant Exercise Period: March 15, 2024 to March 14, 2025.
• Each $250 UNIT Purchase: Includes $250 worth of ZNOG stock at the trading day’s high-low average and fifty 25-cent Warrants.
• AMI Bonus: Enroll in the Automatic Monthly Investment program to receive additional Warrants.

To participate, visit our website to invest online HERE or through regular postal mail HERE. Please refer to Amendment No. 4 to our Prospectus HERE for detailed information.

We are grateful for your continued support and patience as we navigate these complex times. Your faith in our mission strengthens our resolve to see this through.

Sincerely,

John Brown
Founder & Chairman, Zion Oil & Gas

Rob Dunn
CEO, Zion Oil & Gas