OilVoice - Zion Oil & Gas Sign Contract For Major Geophysical Surveys Onshore Israel

Zion Oil & Gas Sign Contract For Major Geophysical Surveys Onshore Israel

Wednesday, September 19, 2007

Zion Oil & Gas has signed an agreement with the Geophysical Institute of Israel to conduct one of the largest and most comprehensive geophysical surveys onshore in Israel of the past two decades. The survey, including seismics, gravimetrics and magnetics, is to be conducted in Zion’s Asher-Menashe License area.

The purpose of the designed 60 kilometer survey is to acquire new geological and geophysical data to assist Zion in selecting the optimal drilling site for a test well on its Ramot Menashe (Menashe Heights) prospect and to upgrade the company’s Nahal Me’arot lead (nearby the Asher-Atlit No. 1 well) into a drillable prospect. The estimated cost of the survey, including processing and interpretation, if completed to its full 60 kilometer designed length, is approximately $650,000.

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