Zion Oil & Gas starts MJ-01 well recompletion in Israel; extends unit program to August 31

ZION OIL & GAS INC

Recompletion of MJ-01 well underway; rig crew assembling in Israel for repair, maintenance, then recertification over 2-3 weeks.
Turkish embargo forced alternate vendors from Romania, Greece, US; minimal delay to overall timeline.
Unit program extended to August 31, 2024; $250/unit includes ZNOG stock at high-low average and fifty 25-cent warrants extended to Sept 14, 2025.
Operations approved by Israeli Ministry of Energy; expected to proceed through Q3 2024.
No security concerns at site; project not significantly delayed despite ongoing conflict in Israel.

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