Zion Oil & Gas reports on Megiddo-Jezreel #1 well in Israel
Zion Oil & Gas expects to commence perforation, stimulation and flow back operations on its Megiddo-Jezreel #1 well as early as next week in Israel. Zion's COO Dustin Guinn stated, "We recognize that this has taken longer than expected, but the fact remains that Zion has just surpassed one year without a recordable incident, a great achievement, and we will not increase our risk profile to save a few days. While we do not have a definite timeline for the testing of each zone, especially if we need to perform extended flow back testing, we expect basic testing to require approximately 7-10 days per zone to perforate, run tubing, monitor flow, stimulate and resume monitoring flow. Extended testing will require more time." The current Rights Offering expires on May 31 and will not be extended. All shareholders that held ten or more shares on April 13 are eligible to participate until then.