Zion to drill in northern Israel

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 company also entered a contract with Romanian player Dafora to secure a rig to drill its planned Megiddo-Jezreel-1 well to about 4500 metres, it said.

According