Today, Zion Oil and Gas Inc announced that the Israeli Petroleum Commissioner granted the company a one-year extension on its license. Zion Oil and Gas Inc's Northern Israel exploration license for Asher-Menashe petroleum would not expire until June 9, 2014.
The license given to Zion's Asher-Menashe covered an area of roughly 78,824 acres. This was located on the Mountain Carmel range from Caesarea in the south to Haifa in the north. It also included the Israeli coastal plain.
The Asher-Menashe License extension would carry an obligation to re-enter Elijah #3 well. This would allow Zion to perforate, stimulate and examine the manufacture in the Jurassic zone of interest.
Zion's Board of Directors approved costs up to US$1.63 million for the impending operations in Joseph and Asher-Menashe licensed areas. The amount included the authorization to find commercially beneficial hydrocarbons in Elijah well #3.
Not long ago, Zion also signed a 2013 workover contract with Lapidoth Israel Oil Prospectors. On September and October this year, they would conduct field operations for the said venture.
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