Zion Oil pauses MJ-01 well operations in Israel; expects resumption in Q4 2024

ZION OIL & GAS INC

Drill pipe separated, section dropped near bottom of hole; specialized tools needed for recovery.
Tools shipped to Israel pending customs and transport; conflict and holidays have delayed arrival.
Rig crews from Hungary/Romania have been on-site up to 80 consecutive days; visa renewals required.
Operations paused due to downhole, logistical, crew challenges and October 7 remembrance; safety cited.
Resumption targeted Q4 2024, subject to geopolitical environment and equipment delivery.

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