Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 342

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9C
Chunk 342
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 pad site, employees and service providers were safe throughout 2024. 
    
   Throughout 2024, there were daily battles occurring in the Gaza Strip.  Israel was largely successful in winning the battles, including taking operational control of nearly all areas of Gaza and killing many top leaders of Hamas.
    
   On or about  January 19, 2025, Israel and Hamas agreed to a ceasefire.  On that day, three hostages were released to Israel’s care and there is a plan to release more hostages over time.
    
   Israel-Hezbollah War and Wider Hostilities
    
   Throughout the first 4-6 months of 2024, the IDF and Hezbollah (a terrorist organization based in Lebanon) exchanged near daily missile and rocket fire at Israel’s northern border.  During Q3 2024, the IDF carried out multiple strikes against the Hezbollah leadership and was very successful.
    
   On  October 1, 2024, Israel invaded Lebanon to attack Hezbollah directly.  Israel and the IDF were successful and killed much of the top leadership of Hezbollah. 
    
   On  November 27, 2024, Israel and Hezbollah signed a ceasefire agreement.
    
   COVID-19 Update
    
   The continuing COVID-19 global pandemic has caused significant disruption to the economy and financial markets globally, and the full extent of the potential impacts of COVID-19 are not yet fully known. Circumstances caused by the COVID-19 pandemic are complex, and uncertain. The impact of COVID-19 has not been significant to the Company’s results of operations, financial condition, and liquidity and capital resources. Although no material impairment or other effects have been identified to date, there is substantial uncertainty in the nature and degree of its continued effects over time. That uncertainty affects management’s accounting estimates and assumptions, which could result in greater variability in a variety of areas that depend on these estimates and assumptions as additional events and information become known. The Company will continue to consider the potential impact of the COVID-19 pandemic on its business operations.
    
   B. Going Concern
    
   The Company incurs cash outflows from operations, and all exploration activities and overhead expenses to date have been financed by way of equity or debt financing. The recoverability of the costs incurred to date is uncertain and dependent upon achieving significant commercial production of hydrocarbons. 
    
   The Company’s ability to continue as a going concern is dependent upon obtaining the necessary financing to undertake further