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Can MJ02 be a black gold result for Zion Oil and Gas? (OTCQX: ZNOG)

Can MJ02 be a black gold result for Zion Oil and Gas? (OTCQX: ZNOG)

Can MJ02 be a black gold result for Zion Oil and Gas? (OTCQX: ZNOG)

We are just past the 6 weeks mark since the Zion Oil and Gas AGM and there is a lot of activity at the MJ02 Well site.

Historically, Zion Oil and Gas (ZNOG) release most of their news on a Wednesday or Thursday and generally within the first week of a month.

There are observers at the site now. These people are investors and the friends of investors.

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Reports so far have witnessed large trucks arriving at the MJ02 Well site. These large vehicles are believed to be connected to the oil fracking industry.

Operations at the Zion site are gearing up for the major testing phase of the MJ02 Well. At this stage it is believed Zion Oil and Gas are well underway with the first stage of testing for oil.

There are a few zones of interest within the target area so the process will take a number of weeks if not months.

With MJ01 having failed to show signs of the elusive black gold that investors have been waiting for, can MJ02 turn things around for Zion Oil and Gas?

The biggest signs investors can take away for a confident hold, and possibly a buying more of the Zion stock attitude are as follows:

  1. The 3D seismic data led Zion Oil and Gas to buy a rig that could drill deeper. And Zion decided to drill on the same site as MJ01; thus continuing operations on the strength of the analysed data results .
  2. There had been a share price spike at the point of an oil encounter it is believed by clever Zion investors. Though Zion had not released any such news about any such oil encounter; clearly the BOD at Zion know more than they are letting on, it is also believed.
  3. Israeli Ministry for Energy are in the know and gave the go ahead for MJ02 Well testing.
  4. Zion awaits a further permit to drill another well, at another location. In this respect, the 3D data probably indicates similar oil discoveries within the target zone Zion are testing now at MJ02. This is a bold move by Zion, rather than a bluff to keep the company active for the sake of it.

Stock prices are be deceptive when it comes to trying to work out if a stock is worth investing in. But the old saying of buy low and sell high is a good rule of thumb when it comes to making money from the price action of penny stocks.

Remember that Zion Oil and Gas is still an oil exploration company and given the many years they have been around as a company – without having discovered oil thus far – the price of their stock has suffered over recent years.

Since Zion Oil and Gas set out to discover oil in Israel, the country has discovered huge gas reserves. The money and political power this gives Israel means that oil takes a back seat.

This is not to say that an oil discovery in Israel by Zion Oil and Gas would not be welcomed news. But for investors to get excited and for Israel to also show joy, any discovery would have to be miracle worthy.

If you are a biblical prophecy minded person, it would not have escaped your notice the current build up of hostile forces to the north of Israel.

A major oil discovery in Israel could just be part of the prophecy that provokes an invasion to steal the black gold.

When will news come from Zion Oil and Gas about the testing of MJ02?

Well, my guess based on the timeline of things is that, we should hear something on the 3rd or 4th of August 2022.

The biggest news we investors can hope for is good oil flow rates. But before that, we need to hear news about the oil encounter / oil discovery itself.

If Zion Oil and Gas has already encountered oil (as some investors believe) then we are half way there. It will be no surprise for Zion to publish a press release stating the same.

The seal for any black gold confirmation will follow when the flow rates have been completed. And this could take a few more months given the number of zones of interest within the target depth Zion Oil and Gas have drilled to.

Until such time, we shall be keeping an eye on the Zion Oil and Gas MJ02 Well site for more operational activities.

If the black gold is to flow in huge quantities, we should see oil tankers rolling out of the site by the end of 2022.

Until then, the share price will do its thing. But if oil and big oil is discovered, the ZNOG stock is likely to rocket to the moon!

This makes Zion Oil and Gas a worthy stock pick you should consider adding to your investing stocks and shares portfolio.

The Zion Oil and Gas stock price closed flat at ($) 25 cents on 21 July 2022.

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