Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Zion Oil & Gas almost doubles as it hits oil in Israel

Tuesday, February 13, 2018 14:25
% of readers think this story is Fact. Add your two cents.

Shares in Zion Oil & Gas Inc (NASDAQ:ZN) almost doubled on Tuesday after the explorer struck oil at its Megiddo-Jezreel well in Israel.

During current open hole wireline logging and subsequent reaming – cleaning the well bore – operations, the company encountered free-flowing hydrocarbons while circulating drilling mud.

“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,” said chief operations officer Dustin Guinn.

“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.”

Chief executive Victor 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.”

Zion confirmed it will now drill up to another 70 meters over the next couple of days.

Shares surged 87% to US$4.30 on Tuesday.

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.