🇮🇱 Zion Oil & Gas Update: August 22, 2024

August 22, 2024

Dear Zion Shareholders and Supporters,

We are thankful to be able to update you today on our progress on the MJ-01 recompletion project. Our crew, primarily from Hungary and Romania, is at the well site and continues to diligently work on re-conditioning the MJ-01 wellbore, where through God's provision, we've overcome downhole challenges largely due to the age of the well which is almost three miles deep.

The initial phase of our recompletion project, which involved drilling out both the steel plugs along with 625 meters (about 2,050 feet) of cement plugs and re-conditioning the wellbore to allow unhindered access to the selected zones for testing, has been successfully completed. While this is a challenging project, our dedicated crew is performing safely and efficiently, ensuring the operational plan is timely.

In addition to the operational complexity, we are navigating logistical challenges attributed to the current Israel-Hamas war. A number of shipping companies have re-assessed routes, which has increased delays in the arrival of critical equipment. However, we are pleased to report that the final equipment required for the project is scheduled to depart from Greece to Haifa on August 24, 2024. With God's help, we are doing everything within our power to ensure safe and timely delivery, though, as always, there are factors outside of our control, particularly in a war zone.

We are pleased to report that our area remains secure, where the safety of our crew is our top priority, and their morale remains strong. The team on the ground (see images below) and our contractors are fully committed to the project's success. We have been blessed with a dedicated and experienced crew that continues to make great progress despite the unique challenges we face.

In light of all these developments, we are also announcing the extension of our Unit Program for another 45 days. The new deadline is October 15, 2024. This extension provides added time for investors who wish to support Zion's mission and vision to obtain warrants. Each $250 investment per unit includes $250 worth of ZNOG stock at the trading day's high-low average, as well as fifty 25-cent Warrants with an exercise period that will also be extended to November 14, 2025, from September 14, 2025.

We appreciate your prayers and unwavering support as we continue to move forward. We have seen how God has faithfully cleared away every difficulty. All glory to Him.

Robert Dunn
CEO

Watch some short video clips of the crew at work HERE and HERE.

For each $250.00 UNIT you receive:

• Common stock at the average of the high and low sale price on OTC: ZNOG for the day if purchased before 4:00pm EST. Purchases after 4:00pm EST will receive the following day's high-low average.
• 50 Warrants with an exercise price of $0.25 each.

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