Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 868

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 868
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   Zion plugged the exploratory well on its former Asher-Menashe License area, the reserve pit has been evacuated, and during the year 2019, Zion completed the abandonment of this well site in accordance with guidance from the Energy Ministry, Environmental Ministry and local officials (see Note 9C).
    
   Zion’s Former Joseph License
    
   Zion has plugged all of its exploratory wells on its former Joseph License area, and the reserve pits have been evacuated, but acknowledges its obligation to complete the abandonment of these well sites in accordance with guidance from the Energy Ministry, Environmental Ministry and local officials (see Note 9C).
    
   Uncertainty Due to the Russia – Ukraine War
    
   Due to Russia’s invasion of Ukraine, which began in  February 2022, and the resulting sanctions and other actions against Russia and Belarus, there has been uncertainty and disruption in the global economy. Although the Russian war against Ukraine did not have a material adverse impact on the Company’s financial results for the year ended  December 31, 2024, at this time the Company is unable to fully assess the aggregate impact the Russian war against Ukraine will have on its business due to various uncertainties, which include, but are not limited to, the duration of the war, the war’s effect on the global economy, future energy pricing, its impact to the businesses of the Company’s, and actions that  may be taken by governmental authorities related to the war.
    
   Israel-Hamas War
    
   The nation of Israel declared war on Hamas following the  October 7, 2023 invasion by Hamas into many southern Israeli communities, killing and injuring thousands and taking of over 200 Israeli hostages into Gaza.  Israel formed a war time emergency government with its primary focus on defending its homeland.  As part of the war effort, Israel activated a large number of reservists.  Our geologist in Israel, Nadav Navon, was called into service for a month or two in late 2023.  In 2024, he was called up again to serve for a period of months.  He has since returned back to work. As a result of Nadav’s absence, his workload was handled by our US based geologist Lee Russell.  We have been able to keep up with the geological workload without any issues.
    
   Our operations in Israel take place at the wellsite in north central Israel, away from the primary location of