Showing posts with label Zion Oil & Gas starts penetrating contract transactions with Viking Administrations. Show all posts
Showing posts with label Zion Oil & Gas starts penetrating contract transactions with Viking Administrations. Show all posts

Monday, July 6, 2015

Zion Oil & Gas starts penetrating contract transactions with Viking Administrations

Zion Oil & Gas, Inc. (NASDAQ: ZN) ("Zion") went into penetrating contract transactions with Viking Administrations BV ("Viking") and Viking's Israeli auxiliary, for utilization of an area based oil and gas rig with profound boring limit and certain other oilfield administrations for investigation exercises inside of Zion's Megiddo-Jezreel Permit zone in Israel. Upon finish and execution of authoritative assentions, Viking would resolve to utilize Rig I-35 to bore Zion's Megiddo-Jezreel #1 well after full administrative approbation is conceded by the Condition of Israel and provincial and neighborhood administering bodies. The gatherings envision a spud date for the first well in the fourth quarter of 2015 or the first quarter of 2016.

Viking is a worldwide administration organization occupied with oil and gas boring and fruition, well overhauling, weight pumping, wireline, geophysical, structural building and transportation administrations. Viking's Apparatus I-35 is a 2006 Shanghai JC50-DB-2 boring apparatus with a 1,500 HP motor and 700,000 pound snare load limit. The apparatus (to be prepared to Israel from its present area in Hungary) is equipped for boring to 5,000 meters (~16,400 feet).

Victor G. Carrillo, Zion's recently named President, states: "We are eager to unite with Viking Administrations, a regarded universal oilfield administrations organization that as of late settled oil investigation operations in Israel. We accept this will stamp the start of an enduring business association with Viking, expanding on the operational foot shaped impression that they have now settled with other vitality organizations in Israel focused on the advancement of inland investigation and generation of oil and gas."

Zion Oil & Gas investigates for oil and gas in Israel and at present holds the Megiddo-Jezreel Permit (involved roughly 99,000 sections of land). Under Israeli law, Zion has a selective right to oil and gas investigation in our permit range in that no other organization may penetrate there. Our investigation endeavors are completely centered around this territory as it seems to have the key geologic elements of a dynamic petroleum framework. We will soon present our penetrating prospect report to Israel's Petroleum Official.

For redesigns on operational exercises, please visit Zion's site: "" Zion's normal stock exchanges on the NASDAQ Worldwide Market under the image "ZN."

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