More Detail about the Haifa Offshore Gas Exploration
October 30, 2008
This article from YourOilandGasNews.com gives us a few more facts about the Noble gas exploration effort schedule for November off the coast of Haifa. You can view the original article at http://www.youroilandgasnews.com/haifa+offshore+natural+gas+exploration+to+go+ahead_13282.html
Haifa offshore natural gas exploration to go ahead
Tuesday, Oct 21, 2008
Delek Group Ltd. (TASE: DLEKG) and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) today reported that the Atwood Hunter oil rig slated to drill at the Tamar 1 natural gas concession offshore from Haifa, has departed West Africa en route to Israel. The Atwood Hunter is due to arrive during the second half of November.
The Tamar 1 exploration is one of the largest natural gas explorations underway in Israel, with an investment of $144.5 million. The partners in the concession are Delek subsidiaries Delek Drilling Limited Partnership (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L) (a 28% share altogether), Isramco (28%), Noble Energy Inc. (NYSE: ) subsidiary Nobel Energy Mediterranean Ltd. (33%), Dorgas Ltd. (6%), and STX, controlled by Benny Steimetz (5%). STX reportedly withdrew plans to participate in the Tamar 1 exploration; its share in the investment was $7 million.
The other partners nevertheless decided to go ahead with the exploration. Energy market sources believe that Delek and Isramco will buy out STXs stake.
The Cost of Being Perfect
October 30, 2008
“Jesus answered, ‘If you want to be perfect, go, sell your possessions and give to the poor, and you will have treasure in heaven. Then come follow me.’” (Matthew 19:21) Hmmm … How about just being good? How much does that cost? The passage at the top of this letter comes from a conversation Jesus had with a [...]October 24, 2008 Letter From Zion CEO Richard Rinberg
October 25, 2008
Dear Zion Shareholder and/or Friend of Zion,
On Friday, October 24, 2008, we held an ‘initial closing’ of our current ‘$10 unit’ public offering. (The Press Release is below this letter).
We issued 350,994 units, where:
One Unit = One Share of Zion stock + One Warrant
(The warrant gives a purchaser the right, but not an obligation, to purchase one share of common stock at $7 per share through January 31, 2012).
The initial closing was for subscriptions amounting to US$ 3,509,940, and if you subscribed for units before October 11, 2008, and your subscription documents passed review, then your certificate of units purchased will soon be delivered to you, or deposited into your brokerage account, depending on your instructions when you completed your Subscription Agreement. The units will trade on the New York Stock Exchange Alternext (NYSE Alternext US) under the symbol ZN.U.
For those who have not yet subscribed,
you still have the opportunity available to you,
as our public offer is still open.
At the annual shareholders’ meeting in June 2008, I noted that two of the most talked about subjects in the world are Israel and oil and Zion Oil brings both subjects together.
In January 1999, about 15 months before Zion was founded, the price of a barrel of oil hit a low of just $8 per barrel. In January 2002 oil was trading at $20, in July 2008 the price was over $145 and, as I write the price is approximately $65 per barrel. Watching the oil price fluctuations is rather like being in an elevator with a lunatic at the control panel.
Thankfully, independent of world markets suffering a nervous breakdown or cardiac arrest, Zion’s exceptional team is steadily making progress with our business plan in a calm rational manner.
We continue to raise funds in order to pursue our planned multi-well drilling program in Israel and, depending on the actual amounts raised, we intend to carry out the following work program:
(1) drill our second well, on the Joseph License,
(2) drill a test well on our Asher-Menashe License, and
(3) prepare for the drilling of an additional well on either license.
Recently, the world’s most successful investor, Warren Buffett, wrote an opinion piece in the New York Times. He commented that the time to invest in the stock market was now, when everyone is ‘fearful’ of the future and that: ‘If you wait for the robins, spring will be over’.
But those who trust in the Lord need not be fearful of the future. Warren Buffet’s advice regarding the forward-thinking philosophy of ice hockey great Wayne Gretzky is accurate. Wayne Gretzky said: ‘I skate to where the puck is going to be, not to where it has been.’
In the event of success with our drilling plans, it may seem that the $10 unit price of our offering was a real ‘don’t miss’ opportunity.
If you have already subscribed, thank you for your support. If you have not yet subscribed, please don’t you miss this opportunity.
It is better to take refuge in the LORD than to trust in man. (Psalm 118:8)
Shalom from Israel
Richard Rinberg
CEO of Zion Oil & Gas, Inc.
P.S. Full details of the offer are set out in the Prospectus which is available for download and review on our website www.zionoil.com under “Investor Center” If you would prefer a hard copy of the Prospectus, please call: 1-888-TX1-ZION (1-888-891-9466) or email: dallas@zionoil.com
ZION OIL ISSUES UNITS IN INITIAL CLOSING
October 25, 2008
Subscriptions Still Being Accepted
Dallas, Texas and Caesarea, Israel - October 24, 2008 - Zion Oil & Gas, Inc. (NYSE Alternext US: ZN) announced that, today, the company issued 350,994 units in the initial closing of Zion’s follow-on offering. Each unit consists of one share of Zion stock and one warrant to purchase one share of Zion stock. The units were issued at $10 per unit and the amount raised in this initial closing was $3,509,940.
Zion continues to accept subscriptions at $10 per unit and the offering will remain open until the earlier of: (i) January 9, 2009, (ii) the date on which a total of 2,500,000 units have been subscribed and accepted, or (iii) such date as announced by the Company on no less than two trading days’ prior notice.
Zion has scheduled November 17, 2008 as the cut-off date for the receipt of documents to be included in the next interim closing.
As detailed in its registration statement, Zion is raising funds in order to pursue its planned multi-well drilling program. Depending on actual amounts raised, Zion intends to carry out the following work program: drill Zion’s second well, on Zion’s Joseph License, to the Triassic Formation (down to a depth of 15,400 feet) and / or to the Permian Formation (down to a depth of 18,040 feet), drill a test well on Zion’s Asher-Menashe License to the Triassic Formation and, if appropriate, the Permian Formation and prepare for the drilling of an additional well on either its Joseph or Asher-Menashe License.
Zion’s common stock trades on the NYSE Alternext US under the symbol ZN and Zion’s units will trade under the symbol ZN.U
Before you invest, for more complete information about Zion Oil & Gas and its offering, you should read Zion’s registration statement (including a prospectus) together with the other documents Zion has filed with the SEC. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter, Brockington Securities, Inc, will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas, at www.zionoil.com.
Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres.
FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding the future effectiveness of Zion’s registration statement, matters regarding the offering and closings thereof, Zion’s planned operations, potential results thereof and plans contingent thereon, including selection of potential drilling targets and locations, are forward-looking statements as defined in the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion’s periodic reports filed with the SEC and are beyond Zion’s control. These risks could cause Zion’s actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.
Zion’s homepage may be found at: www.zionoil.com
John Brown’s Faith
October 24, 2008
“Now faith is being sure of what we hope for and certain of what we do not see. This is what the ancients were commended for.” (Hebrews 11:1-2) Last week we learned that faith - believing in God - is a lot more than holding some concept in our minds as true. Faith requires action. If [...]Natural Gas Exploration to begin off the Haifa Coast
October 19, 2008
Still think Israel is oil and gas poor? Reuter’s annouced today that “a consortium of Israeli companies and Noble Energy … will soon begin drilling for natural gas off Israel’s Mediterranean coast.”
It’s also been confirmed that Atwood Oceanics’ Hunter offshore rig is on its way from West Africa. The Hunter rig, according to Atwood has a day rate (cost to operate daily) of $460,000 - $511,000 and should be in place off the coast of Haifa by November. This is a serious exploration effort in which Noble estimates a 35% chance of finding 1 billion cubic meters of natural gas.
Below are the Reuters and Globes articles:
TEL AVIV, Oct 19 (Reuters) - A consortium of Israeli companies and Noble Energy of the United States said on Sunday they will soon begin drilling for natural gas off Israel’s Mediterranean coast at a cost of $144.5 million. The Israeli partners in the project are Isramco Negev 2, Delek Drilling, Avner Oil Exploration and Dor Gas Exploration. The Tamar 1 drilling site is located 90 km west of the northern port of Haifa and is considered to be the most promising drilling site in Israel, Isramco said in a statement.
Noble estimates there is a 35 percent chance of finding natural gas, in the amount of 1 billion cubic meters, the statement said.
Isramco Negev 2 is a subsidiary of Naphtha Israel Petroleum Corp. Noble, Delek and Avner are already developing a natural gas site off Israel’s southern coast.
(Reporting by Tova Cohen; Editing by Tomasz Janowski) http://www.reuters.com/article/marketsNews/idUSLJ71844920081019
Haifa offshore natural gas exploration to go ahead (Globes)
The Atwood Hunter oil rig slated to drill at the Tamar 1 concession has departed West Africa en route to Israel.
Lior Baron19 Oct 08 14:51
Delek Group Ltd. (TASE: DLEKG) and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) today reported that the Atwood Hunter oil rig slated to drill at the Tamar 1 natural gas concession offshore from Haifa, has departed West Africa en route to Israel. The Atwood Hunter is due to arrive during the second half of November.
The Tamar 1 exploration is one of the largest natural gas explorations underway in Israel, with an investment of $144.5 million. The partners in the concession are Delek subsidiaries Delek Drilling Limited Partnership (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L) (a 28% share altogether), Isramco (28%), Noble Energy Inc. (NYSE: ) subsidiary Nobel Energy Mediterranean Ltd. (33%), Dorgas Ltd. (6%), and STX, controlled by Benny Steimetz (5%). STX reportedly withdrew plans to participate in the Tamar 1 exploration; its share in the investment was $7 million.
The other partners nevertheless decided to go ahead with the exploration. Energy market sources believe that Delek and Isramco will buy out STX’s stake.
Delek Drilling and Avner last week announced decided not to distribute NIS 36 million in outstanding profits for 2007. The money will instead be used for exploration of the Michal and Matan concessions offshore from Haifa and Atlit, including the Tamar 1 exploration. Tamar 1 is located 90 kilometers west of Haifa in 1,650-meter water. The concession is considered one of the more promising sites. Natural gas is expected at a depth of 5,000 meters below the seabed.
Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008 http://www.globes.co.il/serveen/globes/docview.asp?did=1000390243&fid=942
Zion Oil & Gas Newsletter October 2008
October 17, 2008
I received the Zion Oil & Gas Newsletter and the latest press release today. In the middle of a global economic crisis, investors continue to stand behind Zion’s mission of discovering oil in Israel. Zion is moving ahead as scheduled with plans for drilling their second well in November. Pay attention to the lines I put in underline and bold type. Something greater than ‘business as usual’ is going on at Zion Oil.
Here’s the Zion Newsletter and press release from CEO Richard Rinberg:
Dear Zion Shareholder and/or Friend of Zion…
It is difficult to put into words the experience of the last few weeks. We are all living through such a remarkable and dramatic (even traumatic) period in world history. The economy looks and feels ‘broken’ and the healing may prove painful for all of us. However, our trust is only in the Lord and not the stock market! (Jer. 17:7)
In Dallas, we received a phone call from a shareholder who was reviewing their stock portfolio and just had to call us and tell us that all of their retirement stocks were pretty much devastated in value, except one… there was only one steadfast rock in their portfolio - the stock of Zion Oil & Gas had maintained its value.
Shortly after that phone call, a lawyer friend sent me a humorous email, as follows:
’The Best Investment Plan:
If you purchased $1,000 of shares in Delta Airlines one year ago, you have $49 today.
If you purchased $1,000 of shares in AIG one year ago, you have $33 today.
If you purchased $1,000 of shares in Lehman Brothers one year ago, you have $0 today.
But, if you purchased $1,000 worth of beer one year ago, drank all the beer, then turned in the aluminum cans forthe recycling refund, you will have received $214.00.
Based on the above, the best current investment plan is to drink heavily & recycle.’
I sent my friend the following reply:
…and if you had purchased $1,000 of Zion Oil & Gas, Inc. on October 3rd 2007, you would have today $995. So, I disagree with the beer plan… better to go with the Lord’s plan…
During one of the severest stock market collapses in recent decades, our follow-on $10 unit offering was successfully able to reach the minimum subscription by the due date of October 11, 2008. Every day, I watched the tally of subscriptions received. One week before the due date, I commented that if we were able to reach the minimum subscription, it would be a clear miracle from heaven.
On the very last day, we received substantial and completely unexpected subscriptions… and exceeded our required minimum subscription amount.
I was a witness to what happened. I saw the miracle unfold. It was a deeply moving experience.
Although we have announced (see the October 16 Press Release below) a scheduled initial closing on October 21, 2008, our $10 unit offering is still accepting subscriptions. So, it is not too late for you to subscribe and support our work in Israel. We still need both your prayer and financial support.
(I Chron. 29:10-14)
The 2,000 horsepower drilling rig is scheduled to arrive in Israel in November 2008 and we hope that you will want to subscribe for some Zion $10 units, in order to be part of the exploration effort for oil and gas in Israel.
I cannot promise, but I for one will not be surprised if we all see a further miracle in the coming months…
Psalm 51:18 - In your good pleasure, make Zion prosper…
Shalom from Israel
Richard Rinberg
CEO of Zion Oil & Gas, Inc.
P.S. Full details of the offer are set out in the Prospectus which is available for download and review on our website www.zionoil.com under “Investor Center” If you would prefer a hard copy of the Prospectus, please call: 1-888-TX1-ZION (1-888-891-9466) or email: dallas@zionoil.com
Zion Oil Announces Initial Closing of Follow-on Offering and Extends Termination Date
Subscriptions Still Being Accepted
Press Release Thursday October 16, 2008
DALLAS, Texas & CAESAREA, Israel–(BUSINESS WIRE)–Zion Oil & Gas, Inc. (AMEX: ZN) announced today that it received subscriptions on or before October 11, 2008 in excess of the minimum number of units required to conduct an initial closing. An initial closing is scheduled to take place on October 21, 2008. As the minimum subscriptions in order to close were received by October 11, 2008, Zion has withdrawn the recently filed post effective amendment which was filed to extend the minimum raise date and the final termination date.
Pursuant to the original terms of the offering, Zion is also extending the offering termination date. The offering will remain open until the earlier of: (i) January 9, 2009, (ii) the date on which a total of 2,500,000 Units have been subscribed and accepted, or (iii) such date as announced by the Company on no less than two trading days’ prior notice.
As detailed in its registration statement, Zion is raising funds in order to pursue its planned multi-well drilling program. Depending on actual amounts raised, Zion intends to carry out the following work program: drill Zion’s second well, on Zion’s Joseph License, to the Triassic Formation (down to a depth of 15,400 feet) and / or to the Permian Formation (down to a depth of 18,040 feet), drill a test well on Zion’s Asher-Menashe License to the Triassic Formation and, if appropriate, the Permian Formation and prepare for the drilling of an additional well on either its Joseph or Asher-Menashe License.
Zion’s common stock trades on the American Stock Exchange under the symbol ZN.
Before you invest, Zion’s registration statement (including a prospectus) to which this communication relates should be read along with the other documents it has filed with the SEC, for more complete information about Zion Oil & Gas and its offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas, at www.zionoil.com.
Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres.
Responding to God
October 16, 2008
“But someone will say, ‘You have faith; I have deeds.’ Show me your faith without deeds, and I’ll show you my faith by what I do.” (James 2:18) Last week we talked about responding to God. Really that’s all we can do. We can’t act on God first, that He may respond to us. He acted [...]Zion Oil & Gas Signs Drilling Contract
October 10, 2008
Caesarea, Israel – September 15, 2008 – Zion Oil & Gas, Inc. (Amex: ZN) of Dallas, Texas and Caesarea, Israel announced today that it and Aladdin Middle East (”AME”) have signed a drilling contract. Last week, Zion’s Chief Executive Officer, Richard Rinberg, and the President and Chief Operating Officer of Zion, Glen Perry, visited AME’s offices in Ankara, Turkey, in order to inspect AME’s rig and equipment yard, meet with key AME personnel and finalize the terms of the drilling contract.
The contract was executed by both parties on September 12, 2008. Under the terms of the contract AME has committed to provide a completely refurbished and updated 2,000 horsepower rig and crews (anticipated to arrive in Israel in November 2008) and to drill Zion’s planned Ma’anit-Rehoboth #2 well ‘directionally’ to below 18,000 feet. The well is planned to appraise the strong shows seen in the Triassic (during the drilling of the Ma’anit #1 well) and to drill deeper into the Permian formation. It will be the first well drilled to the Permian in Northern Israel. The commencement of the drilling program is subject to receipt of various government permits and raising additional capital, whether through Zion’s current public offering or otherwise.
Richard Rinberg, Zion’s Chief Executive Officer, said today, “This is an important milestone for Zion, one which we have been working towards for a long time. We are very impressed by the quality of AME’s rig and the professionalism of their people. We appreciate the hospitality shown to us by AME during our visit and are excited about working with AME and drilling our next wells, just as soon as we can.
Additional information relating to the drilling contract and related matters will be included in Zion’s Current Report on Form 8-K, that Zion will be filing soon with the Securities and Exchange Commission.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north covering a total of approximately 162,000 acres.
AME is an independent oil and gas exploration and production company, incorporated in Delaware in 1962, with its head office in Wichita, Kansas. AME has drilled more than 130 exploration and development wells in Turkey for major oil companies, including Exxon, Mobil, Wintershall AG, MOL, Placid Oil, Neste Oy, Terralliance (USA), JKX (UK) and TETHYS (Sweden). Its rig inventory includes 11 drilling and workover rigs and AME’s personnel have enormous work experience in many countries, including Turkey, Bulgaria, Azerbaijan, Kazakhstan, Turkmenistan and Georgia.
Voices Part III, Responding to God’s Voice
October 10, 2008
But acting on God so He will react isn't the nature of our relationship with Him as He intends it. It's not up to us to be proactive with God. He spoke the universe into existence. He knew you and purposed your life before the sun first shed its light on this planet. He knows you and your situation right now; He knows what situation you'll be in tomorrow. God is the proactive One. He acts on the universe and it responds. He acts on you and for you; it's up to you to respond.-
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