Zion Oil & Gas and Aladdin Middle East Agree to Defer Signing Drilling Contract by One Month
Posted on August 1, 2008 – 4:25 pm | by oilandgaspress.com
CAESAREA, Israel–(BUSINESS WIRE)–Zion Oil & Gas, Inc. (Amex: ZN) of Dallas, Texas and Caesarea, Israel announced today that Aladdin Middle East (”AME”) and Zion have amended their June 18 protocol to extend to September 1, 2008 the date by which they are to sign a drilling contract. The extension is necessary due to delays encountered in preparing and filing applications necessary to enable Zion’s drilling contractor, AME, to bring its drilling rig and crews into Israel and otherwise complete the necessary permitting process to drill Zion’s planned Ma’anit-Rehoboth #2 well. The amendment also extends to October 30, 2008, the date by which AME has to complete the process for acquiring the necessary permits to bring its rig and crews into Israel. It is anticipated that the rig will arrive in Israel in October 2008.
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.
AME is an independent oil and gas exploration and production company, incorporated in Delaware in 1962, with its head office in Wichita, Kansas. AME has drilled more than 130 exploration and development wells in Turkey and Egypt for major oil companies, including Exxon, Mobil, Wintershall AG, MOL, Placid Oil, Neste Oy, Burren Energy Inc. and Edison International spa. Its rig inventory includes 11 drilling and workover rigs.
FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements relating to Zion’s entry into a drilling contract with AME and the terms thereof and the importation of a rig and crews into Israel to drill Zion’s planned wells, are forward-looking statements as defined in the “Safe Harbor” provision 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 the Prospectus 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. Accordingly, Zion can give no assurance that the expectations reflected in these statements will prove to be correct. Zion assumes no responsibility to update these statements.
Contacts
Zion Oil & Gas, Inc.
Ashley Chatman, (1) 214-221-4610
dallas@zionoil.com
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT
Public relations, press release distribution service, investor relations, SEC filing, regulatory news
www.oilandgaspress.com - The ‘one stop shop’ for global Oil and gas press releases!!!
Tags: Aladdin, Middle East, Zion Oil & Gas
You must be logged in to post a comment.