Zion Oil and Gas encounters oil

Zion's President and Chief Operations Officer, Dustin Guinn, provided further understanding of recent events stating, "We were cautiously optimistic given the amount of gas that accumulated in the well after returning from Shabbat after calling total depth (TD) at 5026 m (~16 500 ft). After making our first of three open hole logging runs, we decided to ream to bottom to clean the hole out in anticipation of our second logging run. After circulating the well, we experienced a continued and significant increase in gas followed by clear evidence of oil in our circulated mud from the bottom of the well. This is obviously very exciting news and as a result, we have decided to continue to drill up to another 70 m (~230 ft). We expect that to take a couple of days, and barring any operational difficulties, we will continue with our open hole logs immediately thereafter."

Zion's CEO, Victor G. Carrillo, added, "I am ecstatic to see clear evidence of hydrocarbons (oil and gas) in the deeper portion of our Megiddo-Jezreel #1 well – a project that we have been working on for years.”

Read the article online at: https://www.oilfieldtechnology.com/exploration/15022018/zion-oil-and-gas-encounters-oil/