Anyone who is looking into oil and gas stocks today could do well to consider taking a look at the Zion Oil & Gas Inc (OTCMKTS:ZNOG) stock this morning, which had clocked gains of as much as 6% on Wednesday. It may now be a good idea for investors to take a look at the actual developments that led to the rally yesterday.
Trading Data
On Wednesday, ZNOG stock moved up 5.65% to $0.2430 with more than 2.33 million shares, compared to its average volume of 3.64 million shares. The stock moved within a range of $0.2275 – 0.2500 after opening trade at $0.23.
Major Details
The company announced yesterday that it had submitted a filing for a new exploration license at the Megiddo-Jezreel Valley. The license is for the same 99000 area for which Zion Oil & Gas had already been granted two licenses previously.
Jeff Moskowitz, who is the Managing Director and Vice President of the company in Israel, noted that the latest exploration license is going to help the company in advancing its future and current activities in Israel.
In addition to that, it was also noted that all the necessary stimulation and completion equipment in addition to the well testing equipment were at the Haifa port as of yesterday. Some of the equipment had also reached the location. It is now going to be interesting to see if the Zion Oil & Gas stock can manage to add to its gains today.
Key Quote
“This new exploration license application will further our current and future work plans in Israel,” stated Vice President and Managing Director in Israel, Jeff Moskowitz.
Technical Data
ZNOG stock is trading above the 20-Day and 50-Day Moving averages of $0.20 and $0.15 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.18.
