Shares of Zion Oil & Gas Inc. (OTCMKTS:ZNOG) closed sharply higher in the previous. Here is why.
Trading Data
On Tuesday, ZNOG stock jumped 43.53% at $0.1941 with more than 14.51 million shares, compared to its average volume of 2.79 million shares. The stock has moved within a range of $0.1322 – 0.2342 after opening trade at $0.1450.
Zion Oil & Gas Finishes 2nd Drilling Phase of MJ-02 Well in Israel
Zion Oil & Gas, Inc. (OTCMKTS:ZNOG) is exploring for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area and have successfully completed the drilling of the second section of the Megiddo-Jezreel #2 (MJ-02) well. They have also launched a new Unit Program that will raise funds for Zion’s 2021 exploration program. Robert Dunn, CEO of Zion Oil & Gas stated with their 17 ½ inch section drilled to a milestone depth, and avoiding prior subsurface issues from MJ01, they can now achieve more flexibility on the lateral portion of the MJ02 well.
The company’s VP of Operations, Monty Kness, emphasizes they have reached the true vertical depth for the second stage of drilling. He credits the crew’s effort of fighting against the natural pressure of the earth to ensure the wellbore trajectory doesn’t deviate from the target.
Reaching the intermediate target zones with a borehole that can support the larger casing and production tubing to make a viable well, is extremely important. The company is all set to complete logging, casing, and cementing of this section and then proceed with drilling toward the ultimate target zones. Drilling of the MJ02 well has been completed to a total depth of 5,531 meters (18,141 feet) with a six-inch (6″) open hole at that depth. The primary zone of interest contains encouraging shows of hydrocarbons.
Key Quote
“We are thankful for the successful completion of our drilling phase,” expressed Zion Oil & Gas CEO, Robert Dunn. “We are eager to move forward with testing immediately based on encouraging hydrocarbon shows.”
Technical Data
ZNOG stock is trading above the 20-Day and 50-Day Moving averages of $0.16 and $0.16 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.41. The stock is up 51% in the past month.
