Zion Oil & Gas, Inc. has signed an agreement with the Geophysical Institute of Israel relating to the acquisition of approximately 15 kilometers of 2D seismic lines located within Zion’s Jordan Valley License area. The acquisition is expected to begin in the last quarter of 2011 or the first quarter of 2012 and the total cost of the program, including mobilization and demobilization, is projected to be approximately US$ 380,000.

Zion’s Chief Executive Officer, Richard Rinberg, said today, “The planned seismic survey in our Jordan Valley License area is being carried out in order to add to our existing data and increase the chance of success of exploratory wells in our petroleum exploration efforts. The proposed seismic acquisition is intended to help us to evaluate the next steps we need to take to identify one or more prospects within our Jordan Valley License area.

I am optimistic about the possibility of recovering hydrocarbons within our license areas, onshore Israel, especially due to the U.S. Geological Survey (USGS) report, published in April 2010, containing their assessment that there may be 1.7 billion barrels of recoverable oil and 122 trillion cubic feet of recoverable gas in the Levant Basin, as all of Zion’s exploration rights fall within the area of the Levant Basin.”

Tags: Zion Oil & Gas