Zion Oil & Gas announced today that drilling operations have begun on its Ma'anit-Rehoboth #2 well.
A 2,000 horsepower drilling rig is being used to drill Zion's Ma'anit-Rehoboth #2 well 'directionally' to the Triassic Formation (down to a depth of 15,400 feet) and then, it is planned, to the Permian Formation (down to a depth below 18,000 feet). The rig will operate on a 24 hour basis utilizing two drilling crews on 12 hour shifts. Samples are being collected and stored and are being analyzed continuously on site for hydrocarbon content.
Zion currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres. Zion has applied for a further permit area (tentatively named by Zion the Issachar-Zebulun Permit Area) and the application, if granted, will increase Zion's total license area to over 400,000 acres.
Zion's Chief Executive Officer, Richard Rinberg, said today, "This is a very exciting time for our organization and our shareholders, as this project has the potential to significantly increase Israel's onshore energy resources. As deep as this well will be drilled, so is our conviction that we will be granted success."
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