Zion Oil & Gas Commences Field Acquisition in Asher-Menashe Seismic Survey
Posted on December 27, 2007 – 12:02 pm | by oilandgaspress.com
CAESAREA, Israel–(BUSINESS WIRE)–Zion Oil & Gas, Inc. (AMEX:ZN) of Dallas, Texas and Caesarea, Israel, announced today that, on December 24, it commenced the field acquisition stage of its previously announced geophysical survey in its Asher-Menashe License area between Caesarea and Haifa, Israel.
Following the recent completion of the permitting stage, Zion with the assistance of geophysical consultant, Ernie Ayers, CEO of Radix Inc., Ft. Davis, Texas, and the Geophysical Institute of Israel, last week finalized the program design, including both the seismic lines to be acquired and the acquisition parameters. Zion plans to acquire 7 new seismic lines (4 in the Ramot Menashe area and 3 in the Nahal Me’arot area) totaling approximately 50 kilometers (30 miles).
Zion expects that field acquisition will be completed by mid-January 2008, following which the data will be processed by Radix Inc. in Texas and then interpreted by Zion’s geological team, in consultation with Radix, in Texas and Israel.
The survey is intended to assist Zion in selecting the optimal drilling site for a test well on its Ramot Menashe (Menashe Heights) lead and upgrading the company’s Nahal Me’arot lead (nearby the Asher-Atlit No. 1 well) into a drillable prospect.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres.
FORWARD-LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding the Zion’s future operations, their timing, the potential results thereof and plans contingent thereon, 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 actual performance to differ materially from the results predicted by these forward-looking statements. 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.
Zion’s homepage may be found at: www.zionoil.com.
contact:
Zion Oil & Gas, Inc., Dallas
Ashley Chatman, 214-221-4610
Email: ashley@zionoil.com
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