Zion Oil & Gaza (NASDAQ: ZN), a Texas-based company, has announced that it has spud [started to drill] the Megiddo-Jezreel #1, a deep, on-shore well located in Israel’s Jezreel Valley, near Beit Sh'ean.
"We anticipate drilling through at least four different geologic strata with oil and gas potential,” stated Victor G. Carrillo, Zion’s CEO. “It has been a complicated and difficult multi-year journey to get to this point, but our entire team is very excited to see this project finally come to fruition."
The company proudly states that it has been divinely blessed to have merited the privilege of "drilling for Israel's political and economic independence." Its website states that it is inspired by Genesis 49,25-26 and Deuteronomy 33,13-16. These verses speak of the physical and geographic blessings given to Joseph, son of the Patriarch Jacob – whose inheritance in the Land of Israel lies largely in the Jezreel Valley.
Zion is contracting with world class service providers such as Halliburton, Baker Hughes, and Weatherford, highlighted by DAFORA’s F-400 drilling rig. The rig has a 3,000 HP capacity drawworks, capable of drilling to over seven kilometers - more than sufficient horsepower and safety factor to drill the planned well with a target depth of up to 4.5 km (approx. 15,000 feet).
Dustin Guinn, Zion’s President and Chief Operating Officer, said, “The process to finally be able to start drilling has been met with obstacles and patience-testing trials, but we … are extremely proud of the work that has been done and look forward to a successful well. We are thankful to our shareholders and supporters for their faithfulness to stand with us during these last few years.” READ MORE