Israel

Zion Oil & Gas Inc., Dallas, and Aladdin Middle East Ltd. would establish a jointly owned drilling subsidiary in Israel.

By OGJ editors
HOUSTON, Apr. 20
– Zion Oil & Gas Inc., Dallas, and Aladdin Middle East Ltd. would establish a jointly owned drilling subsidiary in Israel.

An initial $7 million payment to Aladdin would be followed by a series of $1 million payments anticipated to coincide with Zion’s drilling of seven wells in Israel using the 2,000-hp rig.

The new entity, Zion Drilling Inc., will be owned 51% by Zion Oil & Gas and 49% by Aladdin. Aladdin will be responsible for daily drilling operations. The rig is at Zion’s Ma’anit-Rehoboth-2 wellsite, which the rig drilled to a TD of 17,913 ft in 2008-09.

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