Zion Oil & Gas Inc.

11/05/2020 | Press release | Distributed by Public on 11/05/2020 14:59

Press Release: November 5, 2020 – Zion Oil & Gas Drilling Rig Loaded on Ship and En Route to Israel

Zion Oil & Gas Drilling Rig Loaded on Ship and En Route to Israel

Zion drilling crew completing Covid-19 quarantine in Israel and is set to receive Zion rig and equipment.

DALLAS, Texas, and CAESAREA, Israel, November 5, 2020

Zion Oil & Gas, Inc. (OTCQX: ZNOG) announces announces the departure of drilling rig and equipment from Constanta, Romania and en route to Haifa, Israel.

'Despite logistical challenges and Covid-related restrictions, we are encouraged that Zion's rig and equipment are on their way to Israel,' stated Zion Oil & Gas CEO, Robert Dunn. 'We anticipate seamless movement through Israel's customs and safe movement to our drilling location by mid-November.'

ZION OIL & GAS DRILLING RIG

Zion expects the rig to reach the port of Haifa, Israel, by November 13. Upon customs clearance, the crew is scheduled to satisfy certain protocols required by Israel, and, barring unforeseen circumstances, Zion expects to spud the Megiddo-Jezreel #2 well at our current well location near Bet She'an by early to mid-December 2020.

All necessary equipment and personnel required to perform the complex drilling operation are either en route or already in country. There is an aggressive drilling schedule planned on the Megiddo-Jezreel #2 (MJ02) well location. All parties are working closely together to ensure a seamless and professional operation.



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Zion Oil & Gas rig and equipment being loaded on a BBC Chartering ship, BBC Bangkok, on November 4, 2020.

OPERATIONAL HIGHLIGHTS

Our experienced rig crew has been assembled from Eastern Europe and is completing Israel's quarantine period. This crew has been with the Zion drilling rig (named 'I-35') for several years prior to Zion's purchase of it in March 2020.

The crew will undergo an intensive Israeli-required safety training course designed to educate each employee on working with and moving heavy equipment, as well as working from heights.

In addition to the safety training for drilling operations, the crew will undergo an intensive Covid-19 protection and prevention training seminar. Zion Oil and Gas has taken all necessary precautions to ensure each crew member's health and safety during this unprecedented time.

In addition to the experienced rig crew, Zion is hiring twelve Israelis to begin training and gain experience as Zion moves toward building an indigenous drilling crew to support Zion's future drilling operations.

'It is an exciting time to be part of God's plan for exploring for oil in Israel,' Zion's VP of Operations, Monty Kness, expressed. 'The next few months will bring exciting operational developments, and we are thankful for the faithful investors, the believers in Zion Oil and Gas' operations, and we ask for continued prayers for a safe and successful drilling operation.'

Zion Oil & Gas, a public company traded on OTCQX Best Market, explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area.

'The Lord Himself goes before you and will be with you; He will never leave you nor forsake you. Do not be afraid; do not be discouraged.'
Deuteronomy 31:8'Sing to the Lord, for He has done glorious things; let this be known to all the world. Shout aloud and sing for joy, people of Zion, for great is the Holy One of Israel among you.'
Isaiah 12:5-6
FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion's operations; Zion's ability to continue as a going concern; operational risks in ongoing exploration efforts; importing the rig it purchased into Israel in a timely manner; the timing and completion of the processing, interpretation of the results and plans contingent thereon off the 3-D seismic survey; regulatory approvals needed for the rig's erection, start-up, and operation; the effect, if any, of the coronavirus pandemic on the timing of the delivery, start-up and operation of the well, and liquidity for shareholders on OTCQX are forward-looking statements as defined in the 'Safe Harbor' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties, and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion's filings with the SEC. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.