Zion Drilling Report

May 19, 2009 by  

Zions Maanit Rehoboth #2

Zion's Ma'anit Rehoboth #2

As promised, here is Zion’s first progress report on the drilling of the Ma’anit Rehoboth #2.

Of the 8 step process below, they’ve completed steps 1 – 3. That means they will begin directional drilling at 3,000 meters (9,600 feet), not 1000 feet as I wrote earlier. Using the original Ma’anit #1 well bore down to this depth before turning North East saves a tremendous amount of money and a lot of time. Sound’s like everything is going as planned.
Here’s the full report:
Ma’anit-Rehoboth #2 Well

Here is a progress report (#1) regarding the drilling operations, for the 30 days ended Friday, May 15, 2009, from Zion’s President and Chief Operating Officer, Glen Perry:

The drilling operations of the Ma’anit-Rehoboth #2 well can be divided into eight distinct steps:

(1)      Re-entering the Ma’anit #1 well bore and cutting and retrieving the 7 inch casing from 3,000 meters.
(2)      The setting of a cement plug to allow the hole to be deviated.
(3)      ‘Kicking off’ of the plug and establishing both the angle and direction of the deviation.
(4)      Drilling directionally into the Triassic formation, a depth of approximately 15,400 feet  (4,750 meters).
(5)      Appraisal and evaluation of the Triassic formation using electrical wireline well logs.
(6)      Setting and cementing casing at that depth.
(7)      Drilling deeper to the Permian formation, a depth of approximately 18,000 feet (5,500 meters).
(8)      Appraisal and evaluation of the Permian formation using electrical wireline well logs.

During the period covered by this report, we completed steps (1), (2) and (3).

On Friday, May 15, 2009, we went into the hole with directional tools, in order to start the directional drilling operations.

The rig has been operating on a 24 hour basis, utilizing two drilling crews on 12 hour shifts. To date, the work has gone well, with few problems encountered. We are ‘on schedule’.

The members of the Turkish rig crew have been pleasantly surprised with the courteous and helpful attitude that they have received from everyone they have met in Israel. As a direct consequence, their attitude is very positive and they want to do a ‘first class’ job for Zion.

Rights Offering

Anyone who was a stockholder on the record date of May 4, 2009, has the right to purchase some more Zion stock at $5.00 per share of stock.

If you are a stockholder, I hope you will exercise your rights to purchase Zion stock at $5.00 and even consider an over-subscription, as I believe we have arrived at the most exciting stage of Zion’s development and that the offer before you may well never be repeated.

The rights offering is set to expire on June 10, 2009, although we may, at our discretion, extend that expiration date.

Psalm 51:18 – In your good pleasure, make Zion prosper…

Thank you for your continued support of Zion, and

Shalom from Israel

Richard Rinberg
CEO of Zion Oil & Gas, Inc.
www.zionoil.com

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Comments

3 Responses to “Zion Drilling Report”

  1. Rainman19 on May 20th, 2009 6:36 am

    I’m glad they posted the update because there was some obvious confusion. Anyway, since they didn’t provide all the details, I’m going to assume that they’re drilling towards the NE at an angle of about 20 degrees. If I’ve done my research right, bottom hole location should be about 2500 ft to the NE of the original surface location. This should put them through the Triassic and into the Permian. With any luck, they’ll find something. Of course, we all know it’s not about luck. jmho

  2. Dennis Lyons on May 30th, 2009 6:00 pm

    I am a brand new share holder. Have you considered extending your offer through May to buy stock for $5.00 a share. I would buy more should you change your plans.

    Thanks,

    Dennis Lyons
    Denton, Texas

  3. admin on June 8th, 2009 2:01 pm

    Hi Dennis,
    This site isn’t a part of or sponsored by Zion Oil so I can’t comment on their behalf. You should contact them directly. Thanks for reading

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