Extension of Validity for Asher–Menashe Oil and Gas License between State of Israel and Zion Oil & Gas, Inc.
This letter from the Israeli Ministry of Energy and Water Resources extends Zion Oil & Gas, Inc.'s Asher–Menashe oil and gas exploration license until June 9, 2013. Zion must meet specific deadlines, including contracting for drilling, submitting geological reports, reprocessing seismic data, and beginning new drilling by October 1, 2013. The extension is conditional on completing these tasks within the stated timeframes.
Exhibit 10.2
[TRANSLATION FROM HEBREW]
STATE OF ISRAEL
MINISTRY OF ENERGY AND WATER RESOURCES
Oil and Gas
30 April 2012
Oil ___385__2012
Mr Richard Rinberg
Zion Oil & Gas, Inc
Re: | Extension of Validity of Asher – Menashe License /334 |
Your letter dated 23 February 2012
In view of your request I extend the validity of the license until 9 June 2013. During the extension period your company shall perform the following work program:
1. | Until 15 May, 2012 present a contract with a drilling contractor for re-entry to Elijah-3 wellbore to perform a VSP. |
2. | Until 1 July, 2012 summarize the geological results in the Jurassic section of the Elijah-3 wellbore and submit the report to the Commissioner. |
3. | Until 1 September, 2012 re-process the seismic line 2312-WH, and update the structural maps. |
4. | Until 1 September, 2012 prepare and process the VSP survey. |
5. | Until 1 October, 2012 final report on all activities in the license and recommendations for future plan. |
6. | Until 1 October, 2012 present a drilling contract with a drilling contractor for another drilling. |
7. | Until 1 October 1, 2013 begin drilling. |
Sincerely
Alexander Varshavsky
Commissioner of Petroleum Affairs