Zion’s Elijah #3 is a No-Go

January 25, 2013 by  

Elijah #3 Re-entry Rig

Elijah #3 Re-entry Rig

Zion Oil & Gas announced yesterday in a newsletter to shareholders and friends that results from their second re-entry into the Elijah #3 well failed to give enough evidence of hydrocarbons to continue developing the well. Company President and COO Victor Carrillo stated in the letter, “Upon analysis and interpretation of all of the data, it was decided that while there were oil shows and other indications of hydrocarbon potential observed in the shallower portion of the well, we will not pursue additional exploration activities at the Elijah #3 well.”

The letter indicates that Zion will not consider drilling their next exploratory well until late 2013 or 2014 and that the company  is re-evaluating their exploration strategy. Part of the re-evalutation includes areas in the Jezreel Valley, near the ancient site of Megiddo (Armageddon) outside of their current exploration territory. In order to explore this territory Zion would have to expand their current license area in Israel. Under Israel’s new, more complicated and more expensive permitting process, expanding exploration license territory represents more of a challenge than before. Zion Founder John Brown and Victor Carrillo will meet with Israeli Petroleum Commissioner  Alexander Varshavsky  in February to discuss the possible license expansion and their concern over Israel’s new exploration policies.

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Comments

One Response to “Zion’s Elijah #3 is a No-Go”

  1. carmen on January 17th, 2014 6:58 pm

    so should I hold onto my stock? Are there other options for drilling, result potentials with ZN?

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