Zion Oil & Gas Inc. (OTCMKTS: ZNOG) has announced the successful drilling of a second section of the Megiddo-Jezreel #2 well and the launch of a new Unit Program to support the company’s 2021 exploration program.
Zion completes second section drilling of Meggido-Jezreel #2
Robert Dunn, Zion Oil & Gas CEO, said, “With our 17 ½ inch section drilled to a milestone depth, and avoiding previous subsurface hazards from MJ-01, we are positioned to achieve more flexibility on our lateral portion of the MJ-02 well. With all key service providers on board, we continue to move forward with our ongoing 2021 operational plan.”
Hitting intermediate target zones with a well supporting larger casing and production tubing to establish a viable well is vital in the company’s overall objective. For now, Zion will finalize casing, logging, and cementing the section before continuing drilling to target zones.
The company is looking to raise around $2.5 million through the Unit program, which will run through May 12, 2021. The cost per unit is $250, and each unit comprises $250 of ZNOG common shares and 50 warrants.
Zion oil completes first section drilling of Meggido-Jezreel #2 well
In February, the company announced the first section drilling of the Meggido-Jezreel #2 well, which was approximately 300 feet deep. The drilling team completed wireline logging before starting the casing of the section.
Zion operations VP Monty Kness said, “Drilling a 22-inch diameter hole more than a half-mile into the earth, through difficult lithology, and on time is a great accomplishment, especially during a worldwide pandemic, and sets a great foundation for the remaining drilling program. The investment in a drilling rig capable of handling this wellbore schematic puts Zion in a much better position to meet its drilling objectives than ever before.”
John Brown, Zion Founder & Chairman, said, “To accomplish our 2021 exploration plans, we still need investor support in Zion.”