Zion Oil & Gas recently announced the start-up and reactivation of its MJ-01 well in Israel. This crucial step marks a significant advance in the exploitation of Israel’s onshore energy potential, despite the challenges posed by the ongoing armed conflict. Operations got underway with the mobilization of on-site teams. Despite the tense situation, the Zion site remained secure, enabling work to begin without major delays. However, the sudden embargo imposed by Turkey on exports to Israel posed unforeseen logistical challenges, forcing the company to find new suppliers in a hurry.
Adapting to logistical challenges
Following the Turkish embargo, Zion quickly contracted services from suppliers in Romania, Greece and the USA. This reorganization has minimized the impact on the overall operating schedule. According to Monty Kness, Zion’s VP of Operations, the drilling team is already assembled in Israel and preparing to carry out crucial repairs and maintenance on the drilling equipment.
Reactivation operations on the MJ-01 well involve the use of cutting-edge technologies and innovative stimulation techniques to exploit newly identified zones of interest. This comprehensive work plan, approved by the Israeli Ministry of Energy, is scheduled to run until the third quarter of 2024.
Unit program extension
In parallel with these operational developments, Zion Oil & Gas has extended its current unit program to August 31, 2024. The program, initially scheduled to end in May, offers investors a further opportunity to participate in Zion’s mission to achieveenergy independence for Israel. Each investment of $250 per unit consists of ZNOG shares and warrants.
Investors can join Zion’s mission directly via the company’s website, thanks to its direct share purchase program. This extension is seen as a chance to attract more support for Israel’s strategic energy initiatives.
In short, despite the obstacles, Zion Oil & Gas continues to make significant progress in its efforts to exploit Israel’s energy resources. The company has shown remarkable resilience in the face of challenges, reorganizing its operations to stay on course.
