Zion Oil & Gas (OTCMKTS:ZNOG) is an oil and gas exploration company that mainly operates in Israel and works through a number of subsidiaries. At this point in time, Zion holds an onshore petroleum exploration license in Israel, which encompasses an area of around 99000 acres.
However, it should be noted that the company had actually been headquartered in Dallas, Texas, and had been incorporated back in 2000. In this context, it could be a good idea for investors to consider taking a closer look at development from May last year. At the time the company had announced that it had filed for a new exploration license at the Megiddo-Jezreel Valley at the same 99,000 acres property for which it already had two licenses, the previous #401 license, and the then-current #428 license.
Jeff Moskowitz, the Vice President, and Managing Director of Zion in Israel spoke about the rationale behind the new application for the same property. He noted that the license application was going to help the company’s future as well as its current work in Israel. It was also noted at the time that the stimulation, well-testing, and completion equipment had all arrived at the Haifa port in Israel.
At the same time, the company had concurrently made a submission for a petition for administrative approval of a term of three years for its #428 license as per the provisions of the petroleum law in Israel. It could be a good idea to keep an eye on the progress that the company makes in Israel.