Zion Oil & Gas Starts Drilling the Ma’anit-Joseph #3 Well

August 27, 2010 by  

Dallas, Texas and Caesarea, Israel – August 26, 2010 – Zion Oil & Gas, Inc. (NASDAQ GM: ZN) announced today that drilling operations have begun on its Ma’anit-Joseph #3 well, in its Joseph License area, onshore Northern Israel. The drilling operations are expected to last approximately six months.

Utilizing the 2,000 horsepower drilling rig used to drill Zion’s previous wells, Zion has commenced drilling its Ma’anit-Joseph #3 well, initially towards its secondary target, Triassic age lithology, expected below approximately 10,827 feet (3,300 meters). Zion then plans to continue drilling to its primary target, Permian age lithology, down to a planned total depth below approximately 19,357 feet (5,900 meters).

The rig will operate on a 24-hour basis utilizing two drilling crews on 12-hour shifts. On a continual basis, samples will be collected by Zion’s wellsite geologists, analyzed for both hydrocarbon content and lithology and then stored.

Zion’s Chief Executive Officer, Richard Rinberg, said today, “We are excited to be drilling the Ma’anit-Joseph #3 well and continue to be optimistic about the possibility of recovering hydrocarbons on our license and permit areas, onshore Israel, especially due to the U.S. Geological Survey report, published in April 2010, containing their assessment that there may be 1.7 billion barrels of recoverable oil and 122 trillion cubic feet of recoverable gas in the Levant Basin, as all of Zion’s exploration rights fall within the area of the Levant Basin.”

Comments

3 Responses to “Zion Oil & Gas Starts Drilling the Ma’anit-Joseph #3 Well”

  1. ROBERT J. BLAKE on August 27th, 2010 2:42 pm

    G-D CAN-NOT LIE!

  2. Nancy Landstrom on August 28th, 2010 1:47 am

    I amexcited seeing prophecy being forfilled in the finding of oil in Israel as told in the Old Testament. We who believe GOD’s Word know HE is coming soon. Praise the LORD.

  3. Carmel on August 29th, 2010 12:12 am

    I ernestly hope ZOG will make a discovery to at least match the one recently made offshore. This would give Israel some clout in the oil market. I also hope to be running casing on this well for Weatherford.

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