The results of the tests indicated that the tested zone is non-productive. Based on this result, it was determined to re-evaluate the well's future, considering the well's mechanical condition and the presence of positive indications of hydrocarbons deeper in the Triassic and closer to the determined hydrocarbon source rock.
Zion's technical team is currently evaluating the findings, in order to optimize operations on the next well, the Ma'anit-Rehoboth #2, so that the difficulties encountered in the Ma'anit #1 wildcat well will be avoided and the next well's full potential exploited. The team is preparing recommendations for the company's consideration. When the Company reaches a decision on these matters, an announcement will be made.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel, onshore between Tel Aviv and Haifa. In 2005, Zion drilled an exploratory well on its 98,100-acre Ma'anit-Joseph License to a total depth of 15,842 feet. It is currently analyzing the results of certain testing activities on that well and on its preparations to drill an appraisal and deep test well, the Ma'anit-Rehoboth #2.
On June 10, 2007, Zion was granted a second petroleum exploration license designated the Asher-Menashe License, on approximately 78,800 acres north of its Ma'anit-Joseph License.
In the event of a commercial discovery, following recovery of certain exploratory costs, Zion intends to donate 6% of its gross revenues from its Israeli petroleum rights to two charitable trusts to be established by Zion, one in Israel and one in the U.S.
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