Israel, Turkey Tensions Not Affecting Zion Oil
June 10, 2010 by admin
Turkey and Israel Flags Fly at Zion Well Site
According to Zion CEO Richard Rinberg, recent political tensions between Turkey and Israel are not affecting Zion’s work program or future plans. Zion Oil & Gas operates it exploration company in Northern Israel using a drilling rig and crew owned by Turkish drilling company AME. Future plans call for a new company, Zion Drilling, to to be formed between Zion Oil & Gas and AME.
Zion Oil & Gas has just released a corporate video detailing their exploration efforts and plans for the new drilling company. To view the video click here or on the photo at the top of this article.
In a recent letter to stockholders, Rinberg states that in spite of international tensions, Zion Oil and AME will conduct ‘business as usual’.
“I received a telephone call from a concerned stockholder asking about the recent event offshore Israel and its effect on the relationship between Zion Oil & Gas, Inc (in Israel) and Aladdin Middle East Ltd (in Turkey).
I have been in contact with Cetin Mumcuoglu, the General Manager of Aladdin Middle East Ltd, in Ankara, Turkey, and he is not concerned. International incidents will occur from time to time, but business continues without interruption.
He commented to me, “ We will continue with our business relationship even more strongly.”
Zion Oil & Gas and AME have excellent relations based on mutual respect and trust, so we expect that recent events will have little effect on our continuing business relationship.
Additionally, our Caesarea office and our petroleum exploration areas are in Northern Israel, well away from the Gaza area in Southern Israel, so everything is proceeding as normal.
At present, we do not anticipate that the recent event will have any material adverse effect on our business.”
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