Zion Oil & Gas Signs Agreement to Begin 3-D Seismic Acquisition in Israel

  • Mobilization of seismic equipment to Israel enroute
  • Will be largest high-density land 3-D seismic survey in Israel

Zion Oil & Gas, Inc. (Nasdaq: ZN) announces they have signed an agreement for geophysical acquisition services with  Acoustic Geophysical Services KFT ("AGS"), an international seismic company based in Budapest, Hungary.

"We estimate that the vessels carrying the trucks and equipment will arrive by the end of August," Zion's COO, Robert Dunn said. "Barring any unforeseen circumstances, we expect the equipment to be on location within the first few weeks of September."

"We are pleased with our progress to date on this important 3-D seismic survey," stated Zion's President, Bill Avery. "We believe it will be the largest high-density land 3-D seismic acquired to date in Israel."

AGREEMENTS AND UPDATE ON 3-D SEISMIC PROJECT

In addition to the signed AGS agreement and expected equipment arrival, Zion reported significant progress on the following items:

  • The Ministry of Transport formally approved the importation of seismic source vehicles effective August 2.
  • ASG has started mobilization of its equipment in Europe to the port of Koper, Slovenia.
  • As of August 3, the advance mapping team, along with Zion's contractor, completed preparation of the geophone locations in and around local town areas. Detailed infrastructure mapping is also completed.
  • The landowner permitting process continues unabated and is expected to be completed by the first week of September.
  • The geophysical survey crew is mobilizing mid-August and should be on location by August 26th. The survey crew will start staking out the program, allowing the recording crew to then deploy equipment.
  • The data acquisition crew is expected to begin equipment testing by September 7, and deployment of equipment will immediately follow the testing.

"We want to thank our dedicated shareholders and the nation of Israel for the opportunity to become true pioneers with this 3-D program," expressed Zion's CEO, John Brown. "We also would like to acknowledge the hard work of Zion's Israeli team for the tremendous effort and professionally navigating the logistical challenges."

Source: Zion Oil & Gas, Inc.
Date: Aug 15, 2019