Extension of Validity for Asher–Menashe Oil and Gas License between State of Israel and Zion Oil & Gas, Inc.

Summary

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.

EX-10.2 3 v309731_ex10-2.htm EXHIBIT 10.2

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