Zion Completes Seismic, Zeros in on New Site

Fields of Israel
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Asher-Menashe License
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Zion Oil & Gas, Inc. has announced that the company’s geological team recently completed the processing of seven seismic lines (totaling over fifty two kilometers) acquired last winter and also the reprocessing of an additional ten seismic lines (of over one hundred and ten kilometers) in two prospective areas.

The interpretation of the seismic data, coupled with geologic, gravity and magnetic data has resulted in the development of the first drillable prospect on Zion's Asher-Menashe license. A site for the new well, named the Elijah #3, has been selected on a ten thousand acre structure, comprising both Triassic and Permian targets.
The selected well site is approximately 2.5 miles southeast of the abandoned Asher-Atlit #1 well.
The Asher-Atlit #1 was drilled to 6,531 meters (21,428 feet) by Energy Exploration Inc. in the early 1980s. Before Energy Exploration abandoned the Asher-Atlit #1, due to drilling problems, 2,000 feet of a Triassic reef were encountered and hydrocarbon shows were noted.
Zion is obligated, by the terms of its Asher-Menashe License, to commence the drilling of a well no later than July 2009 and like the Ma’anit-Rehoboth #2 well on Zion's Joseph License (scheduled to commence in September 2008), most of the long lead items for the well have been sourced, purchased and delivered and are now in secure storage, in Israel.

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