Zion granted approval of Megiddo-Jezreel annexation in Israel

Zion Oil & Gas Inc. (Nasdaq: ZN) says that, on March 29, the State of Israel's Minister of Infrastructure, Energy, and Water Resources approved the annexation of 67,950 dunam (16,791 acres) into Zion's existing Megiddo-Jezreel Petroleum Exploration License No. 401.

The additional acreage derived from the southern portion of Zion's former Jordan Valley License. An approximate equal amount of acreage was relinquished from Zion’s Megiddo-Jezreel License so that the overall total area of the company’s license remains at approximately 400,000 dunam (400 square kilometers or 98,842 acres), the maximum size authorized under Israeli law.

Zion explores for oil and gas in Israel and currently holds the Megiddo-Jezreel License, a large onshore area of approximately 99,000 acres. Under Israeli law, Zion has the exclusive right to oil and gas exploration within its license area in that no other company may drill there.

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