Zion Oil & Gas drills to 5,345ft at Megiddo-Jezreel #1 well in Israel

Zion Oil & Gas has drilled to a depth of 5,345ft out of a proposed total depth of around 15,000ft at its Megiddo-Jezreel #1 well in Israel.

Zion CEO Victor Carrillo said: "We continue to be very pleased with the operational drilling progress. We've observed no notable drilling concerns and have experienced no recordable safety incidents whatsoever.

"Beginning Sunday after Shabbat, we plan to run a suite of wireline logs from the current depth up to the level of our prior logging run before we set and cement 13 3/8 inch casing to the surface. After the cement fully sets, and we ensure the integrity of the casing job, we will proceed to drill deeper toward our next logging and casing point."

Zion completed its $250 Unit Program under its Dividend Reinvestment and Common Stock Purchase Plan (DSPP) on 12 July.  Through this programme, the firm raised enough funds to drill and test the current well to its proposed total depth, as well as for any unanticipated financial emergencies.

Carrillo continued: "Management would like to express our tremendous gratitude to our existing and many new shareholders who participated in the Unit Program. It is only with your ongoing financial and prayer support that we are able to move forward in our oil exploration programme in Israel." 

Zion Oil & Gas' operations are focused on the Megiddo-Jezreel License, approximately 99,000 acres south and west of the Sea of Galilee.

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Image: Drilling crew at work. Photo: Courtesy of Zion Oil & Gas via Prnewswire.com.