Zion Oil & Gas has been granted approval by the State of Israel’s petroleum commissioner to drill an oil well in Israel, within its 99,000 acre license.
“We are all hands on deck moving toward the goal of preparing the drill site for construction to move the drilling rig in to spud the well,” said Victor Carrillo, Zion’s CEO.
Zion’s drill site is onshore Israel within the Megiddo-Jezreel license. An independent study by the international consulting company Beicip-Franlab, found that up to 6.6 billion barrels of oil remain to be found in Israel’s Levant Basin, according to Zion’s website.
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