Zion submitted its application for the Joseph License on June 26, 2007, following the relinquishment of the company's Ma'anit-Joseph License at the end of its term. The Joseph License application covered approximately 85,000 acres on-shore between Caesarea and Netanya, immediately south of Zion's 78,000 acre Asher-Menashe License. The acreage comprises approximately 85% of the lands previously held by Zion under the Ma'anit-Joseph License and includes both the Ma'anit structure, on which the company drilled the Ma'anit #1 well to a total depth of 15,842 feet and plans to drill the Ma'anit-Rehoboth #2 well to Triassic and Permian targets, and the Joseph prospect located south of Ma'anit. The primary term of the Joseph License will be three years from its grant, extendable to a maximum of seven years.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv.
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