Zion Oil & Gas, Inc. (Zion) entered into drilling contract negotiations with Viking Services BV (Viking) and Viking’s Israeli subsidiary, for use of a land-based oil and gas rig with deep drilling capacity and certain other oilfield services for exploration activities within Zion’s Megiddo-Jezreel License area in Israel. Upon finalization and execution of definitive agreements, Viking would commit to use Rig I-35 to drill Zion’s Megiddo-Jezreel #1 well after full regulatory approval is granted by the State of Israel and regional and local governing bodies. The parties anticipate a spud date for the first well in the 4th quarter of 2015 or the 1st quarter of 2016.
Viking is a global service company engaged in oil and gas drilling and completion, well servicing, pressure pumping, wireline, geophysical, civil engineering and transportation services. Viking’s Rig I-35 is a 2006 Shanghai JC50-DB-2 drilling rig with a 1,500 HP engine and 700,000 pound hook load capacity. The rig (to be mobilized to Israel from its current location in Hungary) is capable of drilling to around 16,400 feeet (5,000 meters).
Victor G. Carrillo, Zion’s newly named CEO, states: “We are excited to join forces with Viking Services, a respected international oilfield services company that recently established oil exploration operations in Israel. We believe this will mark the beginning of a lasting business relationship with Viking, building on the operational footprint that they have now established with other energy companies in Israel committed to the development of onshore exploration and production of oil and gas.”
Zion Oil & Gas explores for oil and gas in Israel and currently holds the Megiddo-Jezreel License (comprised of approximately 99,000 acres). Under Israeli law, Zion has an exclusive right to oil and gas exploration in our license area in that no other company may drill there. Our exploration efforts are fully focused on this area as it appears to possess the key geologic ingredients of an active petroleum system. We will soon submit our drilling prospect report to Israel’s Petroleum Commissioner.
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