A few weeks ago Zion Oil & Gas President and COO Glen Perry wrote an update letter to Zion shareholders. I’ve known Glen for several years and consider him one of the top oil explorers in the world. For those of you who haven’t read Glen’s update I wanted to share it here.
Five years ago, I thought I was retiring from the oil and gas industry, but as one of only three US educated petroleum engineers in the country of Israel, I suddenly found myself in greater demand than I would have ever believed possible.
As a result of the demand for my time, I obtained Israeli citizenship so that I could start a consulting company to work with several oil and gas exploration companies.
After leaving Zion, I served as vice-president of exploration for a company with three offshore leases, consulting engineer for three companies whose areas of activity are in the south of Israel and became project manager for the exploration activity in the Golan Heights.
Then John Brown asked me to rejoin the Zion Board of Director’s and perform engineering consultancy to Zion.
All of that activity, plus helping to set up the Master’s Degree in Petroleum Engineering at the Technion and the subsequent teaching of a drilling engineering course, made me realize that I was far from retiring.
When John Brown, Victor Carrillo and the Board of Directors asked me to rejoin the company as President and COO, it did not take me long to make a decision.
Having observed Zion as an “outsider” these last several years, I realized that it is truly a unique company.
Nowhere in Israel can you find an organization that combines such a high degree of professionalism and dedication.
As I visited the offices, both in Dallas and Israel, I was impressed by how peaceful the office atmosphere was and the absolute willingness to help from everyone in the company.
Unlike all of the other companies I worked with in Israel, egos have been replaced with teamwork.
So now, we are in the final stages of the long process of permitting the Megiddo-Jezreel #1 well. I cannot begin to describe the amount of effort the exploration team has put into developing this prospect.
It has truly been a very professional approach culminating in a prospect that I, personally, really like after having been involved in so many different prospects from the south to the north of Israel.
Zion President & COO, Glen Perry (left), with Zion CEO, Victor Carrillo,
at the drill site location within the Megiddo-Jezreel License.
Now my time is being spent working to provide the best possible drilling operation for that prospect.
I strongly believe that after the hard work the exploration team has expended, they deserve the very best from me in both well design and operation.
The well will be one of the most challenging of the 400+ wells I have been responsible for in the last 40 years as it is in the “Valley of Springs” in the Bet She’an area of the Jezreel Valley south of the Sea of Galilee.
We in Zion take our responsibility to protect the valuable water resources of this country very seriously, as all of our previous operations have demonstrated.
In the prospect area, there are numerous aquifers, both brackish and fresh water, down to almost 5500 feet.
Keeping the freshwater aquifers from being contaminated by the salt water is a real challenge that must be met. There is no alternative, that is why we enlisted the help of two preeminent Israeli hydrologists to help us in understanding the complexity of the water system.
Once we drill beyond these highly complex intervals, the drilling is expected to be fairly normal with few to no surprises as we drill through and investigate the several exploration targets of the Cretaceous, Jurassic and Triassic age.
I am really looking forward to drilling and evaluating the Megiddo-Jezreel #1 and communicating with you, our owners, the results of our efforts.
I will be reporting my and our Israeli staff’s activities to you on a regular basis, in the meantime, Shalom from Israel.
President and COO