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8-K - ZION OIL & GAS INC | v228485_8k.htm |
[TRANSLATION FROM HEBREW]
STATE OF ISRAEL
MINISTRY OF NATIONAL INFRASTRUCTURES
LICENSING AUTHORITY NATURAL RESOURCES
Oil Exploration
06 July 2011
Mr Bill Ottaviani
Zion Oil & Gas Inc
22 Bareket,
North Industrial Zone
Caesarea 38900
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Fax:04/6231427 |
Dear Sir
Re: Extension of License Asher Menashe /# 334
Your letter dated 13 June 2011
In response to your above mentioned letter I hereby confirm the extension of the license up to 9 June 2012.The renewal of the license is subject to the execution of the following work program:
a.
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No later than 1 November 2011update the geophysical maps, continue the geological analysis of the license and submit a summary report.
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b.
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No later than 1 December 2011 prepare an engineering analysis of Elijah-3 drilling and examine the possibility of deepening or moving from Elijah -3 and submit a summary report.
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c.
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No later than 1 December 2011 present a contract for a supplementary 2D seismic survey within the license area totaling approximately 10 kilometers.
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d.
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Prepare the seismic survey, process the data and submit the process report and ancillary material no later than 1 February 2012 to the National archives at the Geophysics Institute as defined in the guidelines for transferring seismic data.
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e.
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No later than 1 March 2012 prepare an interpretation of the new seismic survey, integrate with old lines, update the geophysical maps and submit a geophysical summary.
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f.
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No later than 1 April 2012 prepare a drilling prospectus that includes a description of the geological background, the purposes of the drilling the petroleum system/s that are related therein and a geological forecast and engineering plan for the proposed drilling.
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g.
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No later than April 1 2012 execute a contract with a drilling contractor to drill a new well or drill the existing well.
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h.
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Begin drilling no later than 1 June 2012.
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i.
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In the event that you do not continue drilling Elijah-3 you must seal the well in a final manner no later than 1 June 2012.
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j.
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You must deposit with the Commissioner an autonomous irrevocable bank guarantee for the amount of $35,000 U.S. dollars valid to 1 December 2012 as a guarantee for damages that may occur from activities as a result of the Menashe license and sealing the wells.
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Sincerely
Dr. Michael Gardosh
Commissioner of Petroleum Affairs