Project Profile
Location: South and west of Jordan Valley License, Israel
Area: ~ 400,000 dunam (400 sq. km or 98,842 acres)
The State of Israel’s Petroleum Commissioner awarded Zion Oil & Gas, Inc. (ZN) the Megiddo-Jezreel Petroleum Exploration License No. 401, on December 3, 2013. The Megiddo-Jezreel License covers an area of approximately 400,000 dunam (400 square kilometres or 98,842 acres), of onshore land south and west of Zion’s existing Jordan Valley License. The new License has a three-year primary term, commencing December 3, 2013 and going through December 2, 2016. The License may be further extended for additional one-year periods up to a maximum of seven years as provided by the Israeli Petroleum Law.
Under the terms of the Megiddo-Jezreel License, the company is to identify and submit a drilling prospect in the license area by July 1, 2015; enter into a contract for the drilling of such prospect by October 1, 2015; and begin drilling or spud a well to a minimum proposed total depth of approximately 4,000 metres (about 13,125 feet) by December 1, 2015. Additional terms of the License require Zion to attain various geological and geophysical milestones during the primary term, including reprocessing and acquiring additional seismic data, all of which should be achievable before the stated deadlines. The new license award follows the company’s submission in April of 2013 of a detailed and extensive application proposal seeking the Petroleum Exploration License in the Megiddo-Jezreel Valley area.
Operators:
Zion Oil & Gas, Inc. (ZN): Operator with 100% interest
Contractors:
Viking Services: Memorandum of Understanding (MoU) to supply a land-based oil and gas rig with deep drilling capacity and certain other oilfield services and crew for exploration activities within Zion\'s Megiddo-Jezreel Licence area. Under the scope of work, Viking would provide their Rig 35, or a rig of similar capabilities with at least a 1,500 HP engine and the capability of drilling to a depth of 15,000 feet. The agreement would be for a two year term to drill two wells with an option to drill a third well.
Daflog (entity of Dafora): Drilling contractor