On February 10, 2016 Zion Oil & Gas CEO Victor Carrillo sent an exploration update to Zion Oil & Gas Shareholders and supporters.
We have chosen the specific location from which to drill our next exploration well to a total depth of about 15,000 feet, but our current bond offering has not yet raised sufficient funds to start to drill.
Zion must still raise several million dollars to fund this deep well. Consequently, Zion was recently granted an extension of our required drill date to July 1, 2016.
We still plan to begin drill site construction in March and start drilling the Megiddo-Jezreel #1 well in May or June of 2016.
While we make plans for how and when to drill, ultimately, it is all in God’s hands (Proverbs 16:9)!
Please join us in prayer that Zion would be able to raise the necessary funds to drill and that God clear our path forward of further delays and problems.”