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Zion granted oil exploration license, shares +34.5%

  • Zion Oil & Gas (ZN +34.5%) is soaring today after the company confirmed Israel awarded a petroleum exploration license for its 98,842 acre Megiddo-Jezreel License.
  • Under the license terms, ZN is to identify and submit a drilling prospect in the license area by July 1, 2015; enter into a drilling contract by Oct. 1, 2015; and spud a well to a minimum proposed total depth of ~4K meters by Dec. 1, 2015.
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