Zion, Aladdin Shake Hands on Drilling Contract Extension

Zion Oil & Gas, Inc. announced that Aladdin Middle East and Zion have amended their June 18 protocol to extend to September 1, 2008 the date by which they are to sign a drilling contract.

The extension is necessary due to delays encountered in preparing and filing applications necessary to enable Zion's drilling contractor, AME, to bring its drilling rig and crews into Israel and otherwise complete the necessary permitting process to drill Zion's planned Ma’anit-Rehoboth #2 well.

The amendment also extends to October 30, 2008, the date by which AME has to complete the process for acquiring the necessary permits to bring its rig and crews into Israel. It is anticipated that the rig will arrive in Israel in October 2008.


 

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