MIL-OSI Economics: Zion Oil & Gas Operations Update from Israel as of July 26, 2021

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Source: Zion Oil and Gas

Headline: Zion Oil & Gas Operations Update from Israel as of July 26, 2021

July 26, 2021

Update: MJ02 In Israel

Dear Zion Supporters and Shareholders,

We are happy to report that operations at the Megiddo-Jezreel #2 (MJ02) well site continue and remain on a path to reach our desired depths and target zones. Recent operational work has been challenging, our geologists and engineers are continuing to put in exceptional time and effort in overcoming unique obstacles. We thank them for all they have done to maintain the MJ02 project goals.

Our operational team encountered significant difficulties to keep proper stability with a shale formation during recent drilling.

Now, we have moved forward with adjusted drilling parameters that enables us to keep shale integrity as we move toward our zones of interest. Despite our extended drilling schedule, Zion Oil remains committed to doing this work properly and safely as we, with patience, get closer to the finish line.

We are thankful to our loyal shareholders and supporters. We will continue to provide updates when we have pivotal information to share with the public.

Sincerely,

Rob Dunn
CEO

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