Zion to Begin Onshore Israel Seismic
Zion Oil & Gas, Inc. has signed an agreement with the Geophysical Institute of Israel to conduct one of the largest and most comprehensive geophysical surveys on-shore in Israel of the past two decades. The survey, including seismics, gravimetrics and magnetics, is to be conducted in Zion's Asher-Menashe License area.
The purpose of the designed 60 kilometer survey is to acquire new geological and geophysical data to assist Zion in selecting the optimal drilling site for a test well on its Ramot Menashe (Menashe Heights) prospect and to upgrade the company's Nahal Me'arot lead (nearby the Asher-Atlit No. 1 well) into a drillable prospect.
The estimated cost of the survey, including processing and interpretation, if completed to its full 60 kilometer designed length, is approximately $650,000.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel, onshore between Tel-Aviv and Haifa. It currently holds a 78,000 acre exploration license, known as the Asher-Menashe License, located between Caesarea and Haifa. Its application for the issuance of an 85,000 acre exploration license, tentatively named the Joseph License, located between Caesarea and Netanya, on which the company drilled a 15,842 foot well in 2005, is currently pending before the Israel Petroleum Commission. A decision on the application is expected during September or October 2007.
- Zion Granted Approval to Drill Well Onshore Israel (Dec 02)
- Zion in Talks with Viking for Land Rig to Drill in Megiddo-Jezreel License (Jun 30)
- Israel Grants Zion Megiddo-Jezreel Petroleum License (Dec 11)