Zion Oil Releases New Exploration Map
April 9, 2011 by admin
Zion Oil & Gas, Inc. released an updated map of it’s current and applied for exploration area. Updates include splitting Zion’s former ‘Issachar-Zebulun’ permit area into two new (applied for) areas – the ‘Zebulun Permit’ and the ‘Jordan Valley’ license. Surprisingly, Zion has also applied for an exploration license near the Dead Sea in the same area where Ginko/Lapidoth discovered oil in 2006.
According to Israel’s Petroleum Law, an exploration permit cannot exceed 18 months and allows the permit holder to conduct preliminary investigations, but not drill in the permit area. An exploration license is granted for three years and can be extended another four years. Licensees are required to drill test wells in the license area. An exploration license may not exceed 400,000 dunams (approximately 100,000 acres) in area.