Zion Oil & Gas, Inc. of Dallas, Texas and Caesarea, Israel announced that on June 18, 2008, it signed a memorandum of understanding with Aladdin Middle East Ltd confirming both parties intent to sign a drilling contract no later than July 31, 2008, to drill Zion's planned Ma'anit-Rehoboth #2 well and other wells in Israel, in accordance with Zion's business plan.
AME is currently refurbishing and updating one of their 2,000 horsepower rigs, in order to be able to drill Zion's wells 'directionally' to below 18,000 feet. The parties intend to sign the definitive drilling contract when the drilling rig nears completion. It is anticipated that the rig will arrive in Israel in September 2008.
"I am confident that our relationship with AME will enable Zion to drill our wells both efficiently and successfully to the planned target depths," said Glen Perry, Zion's President and Chief Operating Officer. "Especially as, quite recently, AME successfully drilled a 20,000 foot well in Bulgaria with one of their 2,000 horsepower rigs."
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