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ZN > SEC Filings for ZN > Form 8-K on 10-Dec-2013All Recent SEC Filings

Show all filings for ZION OIL & GAS INC

Form 8-K for ZION OIL & GAS INC


Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01: Entry into a Material Definitive Agreement

On December 3, 2013, Israel's Petroleum Commissioner (the "Commissioner") issued to Zion Oil & Gas, Inc. ("Zion" or the "Company") Petroleum Exploration License No. 401/"Megiddo-Jezreel". The Megiddo-Jezreel License covers an area of approximately 400,000 dunam (400 square kilometers or approximately 98,842 acres), of onshore land south and west of Zion's Jordan Valley License. The Company was advised by Israel's Petroleum Commissioner on December 4, 2013 that it was granted the License. The License has a three-year primary term, commencing December 3, 2013 and going through December 2, 2016, and may be extended for additional one-year periods up to a maximum of seven years as provided by the Israeli Petroleum Law.

Under the terms of the Megiddo-Jezreel License, the Company is to identify and submit a drilling prospect in the license area by July 1, 2015; enter into a contract for the drilling of such prospect by October 1, 2015; and initiate the drilling of or "spud" a well to a minimum proposed total depth of approximately 4,000 meters (approximately 13,125 feet) by December 1, 2015. Additional terms of the License also require Zion to attain various geological and geophysical milestones during the license's primary term.

Attached, as Exhibit 10.1, is an English translation from the original Hebrew of the License grant.


Exhibit 10.1 - Petroleum Exploration License No. 401/ "Megiddo-Jezreel"

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