Zion Oil Awarded Issachar-Zebulun Permit
June 22, 2009 by admin
“And of Zebulun he said, Rejoice, Zebulun, in thy going out; and, Issachar, in thy tents. They shall call the people unto the mountain; there they shall offer sacrifices of righteousness: for they shall suck of the abundance of the seas, and of treasures hid in the sand.”
The Issachar-Zebulun Permit extends Zion’s petroleum rights from the Mediterranean at Caesarea across the Carmel Mountains to Megiddo and through to the Jordan River immediately south of the Sea of Galilee. It increases Zion’s total petroleum exploration rights area to approximately 327,000 acres.
Zion has also been notified by the Israeli Petroleum Commissioner’s office that its transfer of a three percent (3%) overriding royalty interest from each of the Company’s Joseph and Asher-Menashe oil and gas licenses in Israel (six percent (6%) overriding interest in aggregate) to the (Swiss) Abraham Foundation and the (Israeli) Bnei Joseph Amuta (Foundation), has been approved by Israel’s Petroleum Commissioner. Currently Zion does not generate any revenues.
Lastly, the Israeli Petroleum Commissioner has granted Zion’s request for a six month extension on its drilling obligation on the Asher-Menashe license from July 1, 2009 to January 1, 2010 to allow Zion adequate time to finish drilling the Ma’anit-Rehoboth #2.
Zion’s Chief Executive Officer, Richard Rinberg, said today: “We are very pleased to have been awarded a new permit, to have the transfer of the royalty interests to the two charitable foundations confirmed and, as requested, to have been granted a six month extension on our drilling commitment for the Asher-Menashe license. We continue to implement our exploration and drilling program and build on our progress to date. The drilling operations on our Ma’anit-Rehoboth #2 well are proceeding as planned and are ahead of schedule. Our current rights offering will soon end successfully, so presently our funding is in good shape.”
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The map that accompanied your June 22 story ” Zion Oil Awarded Issachar-Zebulun Permit” is interesting. I was not aware of the quantity of reported reserves discovered by the Tamar #1 well. 5 trillion standard cubic feet is a lot of gas for Israel’s future domestic consumption. It is noted that the Gaza Marine gas discovery by BG Group – reported to contain 1.4 trillion cubic feet of gas – was not marked on the map. Does anyone on this discussion list know what is the sovereignty status of this field (Gaza Marine)? Is it in Israel’s sovereign territory? There is talk on internet blogs about fishermen from Gaza being prevented by Isreali gunboats from encroaching more than 6 kilometres offshore from their home in Gaza. Is this related to some sort of sovereignty issue relating to the Gaza Marine gas discovery?