By OGJ editors
HOUSTON, Mar. 3 -- Zion Oil & Gas Inc., Dallas, launched an initial public offering Feb. 18 in more than 20 states, seeking to raise as much as $35 million to explore for oil and gas in Israel.
The company holds a 95,800-acre licensed area onshore between Tel Aviv and Haifa (see map, OGJ, Feb. 18, 2002, p. 66). Zion will use proceeds to drill one or more high-risk exploratory wells on the license.
If it makes a commercial discovery and after recouping exploratory costs, it plans to donate 6% of its gross revenues from the license to two charitable trusts that the company will set up in Israel and the US.
