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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
June 3, 2024
Date of Report (Date of earliest event reported)
Zion Oil & Gas, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
001-33228 |
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20-0065053 |
(Commission File Number) |
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(IRS Employer
Identification No.) |
12655 North Central Expressway, Suite 1000,
Dallas, TX 75243
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including
area code: 214-221-4610
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications
pursuant to 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth
company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the
Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Item 8.01 Other
Events.
Zion Oil and Gas, Inc., a Delaware corporation,
which has an active petroleum exploration operation onshore Israel on the Megiddo-Jezreel area, announces
the start of recompletion operations for the Megiddo-Jezreel #1 well (MJ-01). Crews are mobilizing, and boots are officially on the ground,
marking an exciting step forward in our journey towards Israel’s onshore energy potential.
Amidst the ongoing conflict in Israel, Zion is thankful that the location
is safe and ready for operations. There have not been any security concerns at our location and the project has not been significantly
delayed despite unprecedented challenges.
The operations have faced some logistical challenges due to the war;
the biggest being the unexpected embargo that Turkey placed on trade with Israel. In early May, after Zion had commercially contracted
services, equipment, and material from Turkey, the Turkish government announced that no equipment or material would be allowed to leave
Turkey destined for Israeli ports. Consequently, the operations team was required to find alternate vendors and contractors on short notice
to move forward.
Zion was able to secure contractual services from vendors located in
Romania, Greece, and the United States with minimal impact and delay to the overall program timeline. The rig crew has assembled in Israel
and will begin repair and maintenance on the drilling rig over the next couple of weeks. Then, the crew will rig down and have the rig’s
critical components inspected and recertified prior to moving over MJ-01 and rigging back up. This is estimated to take an additional
two to three weeks. While this is ongoing, the crew will mobilize the equipment necessary to re-open the MJ-01 well.
After opening the well, Zion will implement cutting-edge technologies
and innovative stimulation techniques on the MJ-01 well to potentially unlock hydrocarbon flows in both previously and newly identified
zones of interest. The recompletion operations, involving a comprehensive work plan approved by the Israeli Ministry of Energy, are set
to proceed through Q3 2024.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
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Zion Oil and Gas, Inc. |
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Date: June 3,
2024 |
By: |
/s/
Robert Dunn |
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Robert Dunn |
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Chief Executive Officer |
Exhibit 99.1
Zion Oil & Gas, Inc. Announces Start of Recompletion Operations
for our MJ-01 Well in Israel
Unit Program Extended Through August
DALLAS, Texas, and CAESAREA, Israel, June 3, 2024 — Zion Oil
& Gas, Inc. (OTC: ZNOG) is pleased to announce the start of recompletion operations for the MJ-01 well in Israel. Crews are mobilizing,
and boots are officially on the ground, marking an exciting step forward in our journey towards Israel’s onshore energy potential.
OPERATIONS HAVE COMMENCED
Amidst the ongoing conflict in Israel, Zion is thankful that our location
is safe and ready for operations. Thus far, there have not been any security concerns at our location and the project has not been significantly
delayed despite unprecedented challenges.
The operations have, however, faced some logistical challenges due
to the war; the biggest being the unexpected embargo that Turkey placed on trade with Israel. In early May, after Zion had commercially
contracted services, equipment, and material from Turkey, the Turkish government announced that no equipment or material would be allowed
to leave Turkey destined for Israeli ports. Consequently, the operations team was required to find alternate vendors and contractors on
short notice to move forward.
Zion was able to secure contractual services from vendors located in
Romania, Greece, and the United States with minimal impact and delay to the overall program timeline. This event and realignment of contractors
on short notice is a challenge Zion was able to overcome. This is just one of numerous examples of God’s provisions as Zion has
continued to press forward during this trying time in Israel.
“Our rig crew has assembled in Israel and will begin repair and
maintenance on our drilling rig over the next couple of weeks,” said Monty Kness, VP of Operations. “Afterwards, the crew
will rig down and have the rig’s critical components inspected and recertified prior to moving over MJ-01 and rigging back up. This
is estimated to take an additional two to three weeks. While this is ongoing, the crew will mobilize the equipment necessary to re-open
the MJ-01 well.”
After opening the well, Zion will implement cutting-edge technologies
and innovative stimulation techniques on the MJ-01 well to potentially unlock hydrocarbon flows in both previously and newly identified
zones of interest. The recompletion operations, involving a comprehensive work plan approved by the Israeli Ministry of Energy, are set
to proceed through Q3 2024.
“Operations have officially kicked off, and our crew is fully
engaged in safety testing and moving the rig,” said Zion Oil & Gas CEO, Rob Dunn. “We are ensuring all plans are followed
to maximize the potential of the MJ-01 well.”
UNIT PROGRAM EXTENSION
In conjunction with these operational developments, Zion Oil &
Gas is extending its current Unit Program. Originally set to conclude in May, the program will now run until August 31, 2024. This extension
provides investors with additional time to participate in Zion’s mission of achieving Israel’s energy independence. Each $250
investment per unit includes $250 worth of ZNOG stock at the trading day’s high-low average and fifty 25-cent Warrants, with the
exercise period extended to September 14, 2025.
Investors can join Zion’s mission directly through the company’s
website at www.zionoil.com via Zion’s Direct Stock Purchase Program.
THANK YOU
John Brown, Zion Founder and Chairman, expressed deep appreciation
for the unwavering support from shareholders and the diligent efforts of the team in Israel. “This operational kickoff for the MJ-01
recompletion underscores God’s faithfulness and the dedication of our team and supporters. We are thankful for the continued prayers
and support during this pivotal time for Israel.”
Zion Oil & Gas, a US public company traded on OTC, is committed
to exploring for oil and gas onshore in Israel, spanning approximately 75,000 acres under the Megiddo Valleys License 434.
Recompletion Site within the Zion Oil & Gas
75,000 acres Megiddo Valleys License
“Have I not commanded you?
Be strong and courageous.
Do not be afraid;
do not be discouraged,
for the Lord your God
will be with you wherever you go.”
Joshua 1:9
Contact:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (OTC: ZNOG)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
FORWARD-LOOKING STATEMENTS: Statements in this communication that are
not historical fact, including, but not limited to, statements regarding Zion’s operations and the results therefrom, including
testing and completion; Zion’s ability to discover and produce oil in commercial quantities; Zion’s ability to continue as
a going concern; operational risks in ongoing exploration efforts; regulatory approvals needed for exploration within our license and
the rig’s operation; the effect, if any, of the uncertainties associated with wars and skirmishes between Israel and other organizations
and/or countries, and liquidity for shareholders on the OTC market 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.
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