Zion Oil & Gas is planning to start its drilling programme in northern Israel “soon” after landing permission from the country’s regulatory authorities and booking a rig.
The US player still needs, however, to raise the necessary funds before it can proceed.
Dallas-based Zion said it “met and complied with two key conditions set by Israel’s Petroleum Commissioner”, enabling it to move toward drilling its next deep oil well on its Megiddo-Jezreel licence, located about 40 kilometres south of the Sea of Galilee.
The
