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Zion Oil confirms active petroleum system in Megiddo-Jezreel well


Zion Oil & Gas (NASDAQ:ZN+13.8% after-hours following confirmation of an active petroleum system in its Megiddo-Jezreel #1 well in Israel after completing the initial testing program of the well’s primary zones.

ZN says it encountered oil at a depth of ~16.5K ft. during drilling operations, and the oil was separated and tested indicating ‘light oil’ based on the chemical composition of the analyzed stream; third party petrophysical analysis continues to suggest that oil is located in the zone as well as other zones of interest.

ZN says it is “hopeful but [does] not yet know if there is producible oil in commercial quantities within our deep primary zones… However, we can say with reasonable confidence that the formation is tight with low permeability and has few natural fractures.”





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