Extension of Joseph License/339 for Oil Exploration between State of Israel and Zion Oil & Gas, Inc.

Contract Categories: Intellectual Property › License Agreements
Summary

The State of Israel's Ministry of National Infrastructures has granted Zion Oil & Gas, Inc. a one-year extension on the Joseph License/339 for oil exploration, now valid until October 10, 2012. During this period, Zion Oil & Gas must complete specific tasks, including geological analyses, conducting and reporting on a seismic survey, preparing a drilling prospectus, and contracting for drilling activities, each with set deadlines. The extension is contingent on meeting these requirements to ensure diligent development of the license.

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EX-10.1 2 v238355_ex10-1.htm EXHIBIT 10.1 Unassociated Document
Exhibit 10.1

 [TRANSLATION FROM HEBREW]

STATE OF ISRAEL


MINISTRY OF NATIONAL INFRASTRUCTURES
LICENSING AUTHORITY NATURAL RESOURCES

Oil Exploration

24 October 2011
 
Mr Richard Rinberg,CEO  
Fax: 04 ###-###-####
Zion Oil & Gas, Inc
22 Bareket Northern Industrial Zone
Caesarea 38900

Dear Sir

Re:Joseph License/339- Extending the  Validity
      Your letter dated 19 September 2011

In view of your abovementioned request I hereby extend the validity of the above license for an additional year until 10.10. 2012. During the extension period your company shall execute the following work program:

a.  
Prepare an analysis of the results of Ma'anit drilling-1, 2, 3 and a regional geological analysis of the Ma'anit structure and submit a summary report with respect thereto by - 1 February 2012.
b.  
Present a contract for a supplementary 2D seismic survey within the license area totaling approximately 15 kilometers by -1 March 2012.
c.  
Carry out the seismic survey, process the data and submit the process report and ancillary material to the National archives at the Geophysics Institute as defined in the guidelines for transferring seismic data, by - 1 June 2012.
d.  
Prepare an interpretation of the new seismic survey, integrate with old lines, update the geophysical maps and submit a geophysical summary by -1 August 2012.
e.  
Prepare a drilling prospectus that includes a description of the geological background, the purposes of the drilling and the petroleum system/s that are related therein and a geological forecast and engineering plan for the proposed drilling by -1 September 2012.
f.  
Execute a contract with a drilling contractor to drill a new well or drill the existing well by - 1 October 2012.

 
 
 
 
 
I find it prudent to make it clear the importance of adhering to the abovementioned dates in order to develop the license with proper diligence pursuant to the law.

Sincerely

Dr. Michael Gardosh
Commissioner of Petroleum Affairs