Item 8.01 Other Events.
Zion Oil and Gas, Inc., a Delaware corporation, which has an active petroleum
exploration license onshore Israel on their 99,000-acre Megiddo-Jezreel license
area, announces the filing of an amended application with the Israel Ministry of
Energy for a new exploratory license on January 24, 2023 covering the same area
as its License No. 428, which expires on February 1, 2023. However, its original
application to replace License No. 428 was filed on May 11, 2022, and a revised
application was filed on August 29, 2022.
With a third parliamentary election in Israel since March 2, 2020, on November
1, 2022, review of Zion's new license application was delayed. After the
election, an ongoing transition period has taken place. A new Minister of Energy
took office on January 1, 2023, and appointed a new Director General of the
Ministry.
As previously reported, Zion has re-examined the logs and other data from its
MJ-01 well in preparation for a planned re-entry. Zion's license application was
therefore amended to address the planned re-entry, requiring a change in the
workplan portion of the application, and then re-submitted on January 24, 2023.
Since May of 2022, Zion has worked closely with all the necessary Ministry
officials to address questions and resolve any issues raised by its application.
Zion therefore believes it has met all of the preliminary license requirements.
Although no assurances can be made, Zion anticipates its amended license
application will be favorably considered by the Ministry and other necessary
regulatory agencies.
In the interim, Zion plans to leave its I-35 drilling rig and all related
components on its current pad site and perform necessary rig maintenance,
engineering and design for the planned re-entry.
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