Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 484

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 15
Chunk 484
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 Company exercised its option to renew the lease for another seven years from  February 1, 2024 through  January 31, 2031, when rent is to be paid on a monthly basis in the base amount of approximately NIS 46,500 per month (approximately $12,800) at the exchange rate in effect on the date of this report and is linked to an increase (but not a decrease) in the CPI.
    
   Under the lease agreement, the Company is authorized to further sublease part of the leased premises to a third party that is pre-approved by the sub-lessor. Rent and its related taxes, utilities, insurance and maintenance expenses for 2024 and 2023 were $397,000 and 400,000 respectively.

        F-
       44

        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 9 - Commitments and Contingencies (cont’d)
    
   The future minimum lease payments as of  December 31, 2024, are as follows:

       US$  
   thousands  
 2025   157 
 2026   157 
 2027   152 
 2028 and thereafter   278 
   744 

   G. Insurance Financing
    
   Effective  November 16, 2023, the Company renewed its third-party liability (“TPL”) insurance policy in Israel with total premiums, taxes and fees for approximately $76,000. A cash down payment of approximately $23,000 was paid on  November 16, 2023. Under the terms of the insurance financing, payments of approximately $5,000, which include interest at the rate of 13.99% per annum, are due each month for 10 months commencing on  December 16, 2023. The Company has completed its financing commitment pertaining to the TPL insurance as of  September 30, 2024.
    
   Effective  December 28, 2023, the Company renewed its D&O insurance policy with total premiums, taxes and fees for approximately $442,000. A cash down payment of approximately $69,000 was paid on  December 13, 2023. Under the terms of the insurance financing, payments of approximately $37,000, which include interest at the rate of 13.4% per annum, are due each month for 10 months commencing on