By Zion Oil and Gas have released news regarding is operations. As seen below CEO wrote the following:
“January 10, 2022
Update: MJ02 In Israel
Dear Zion Supporters and Shareholders,
We very much look forward to 2022 with all of you.
Zion has been actively moving forward, and thankful that we have completed our planned logging operations.
After reviewing these logs, our third-party engineering group has recommended bringing in specialized completion liners for the next steps and for the indicated zones of potential production.
We are also moving ahead with entry requirements for our additional completions and testing crew. To this end, additional tubing and ancillary items have also been procured and are in the shipping process.
Operating environments are continually changing with covid restrictions and guidelines. We are working with the necessary governing bodies to navigate these challenges.
We are thankful for all the continued prayers and support for this vital phase of our operations.
Sincerely,
Rob Dunn
CEO”
Either there is a lot of oil down there or they are having trouble trying to pump up whatever they have found, if anything.
But I’m more inclined to think they have found significant amounts of oil to justify spending time and money on extensive oil production testing, which requires waiting on receiving more equipment from overseas into Israel. I’m just trying to be logical…I know it’s hard when the share price is screaming negativity.
If I am correct, then there’s no telling how high the share price could rise to, if they announce positive results following testing.
Though I’m minded that in the last AGM, the CEO, in answer to a question, if Zion will inform investors as soon as they find oil, he answered, yes they would right away.
Thus far, investors have not had any news of any oil encounter. Yet we also know Zion are cagy about releasing news, thus they could go back on their word, just like they did when they told investors they would provide updates every two weeks which they did not follow up on, which lead to shareholders getting frustrated and losing confidence in $ZNOG, and I believe many investors sold at a loss and moved on.
At 11c per share, I think Zion Oil and Gas is worth a punt.
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