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Zion Oil & Gas stock plunges because oil well in Israel needs more tests

Friday, August 17, 2018 12:09

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Zion Oil and Gas Inc (NASDAQ:ZN) shares tumbled on Friday after the company said its oil well in Israel will require more tests to see if it can produce commercial quantities of crude.

The company said testing of the Megiddo-Jezreel No 1 well has taken longer than expected and the results “are inconclusive” on what the volume will be.

“We remain hopeful but do not yet know if there is producible oil in commercial quantities within our deep primary zones, and there are still many questions yet to be answered,” said Dustin Guinn, Zion’s president and chief operations officer.

Shares of Zion Oil were down 31% to US$1.74 late on Friday.

Zion Oil & Gas is a Delaware corporation founded in 2000 that explores for oil and gas onshore in Israel. It currently holds approximately 99,000 acres of land in Israel, all on the Megiddo-Jezreel License.

Story by ProactiveInvestors

Source: http://www.proactiveinvestors.com/companies/news/203171/zion-oil-gas-stock-plunges-because-oil-well-in-israel-needs-more-tests-203171.html

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