Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 84

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 84
---
252 

The accompanying notes are an integral part of the consolidated financial statements.

      F-6

Cash, cash equivalents and restricted cash, are comprised as follows:

      December 31,    December 31,  
   2024    2023  
   US$    US$  
   thousands    thousands  
 Cash and cash equivalents   2,272   615 
 Cash and cash equivalents - restricted    1,064   1,020 
   3,336   1,635 

      F-7

      Zion Oil & Gas, Inc.

      Notes to Consolidated Financial Statements

   Note 1 - Nature of Operations and Going Concern
    
   A. Nature of Operations
    
   Zion Oil & Gas, Inc., a Delaware corporation (“we,” “our,” “Zion” or the “Company”) is an oil and gas exploration company with a history of 25 years of oil & gas exploration in Israel. As of  December 31, 2024, the Company has no revenues from its oil and gas operations.
    
   Zion maintains its corporate headquarters in Dallas, Texas. The Company also has branch offices in Caesarea, Israel and Geneva, Switzerland. The purpose of the Israel branch is to support the Company’s operations in Israel, and the purpose of the Switzerland branch is to operate a foreign treasury center for the Company.
    
   On  January 24, 2020, Zion incorporated a wholly owned subsidiary, Zion Drilling, Inc., a Delaware corporation, for the purpose of owning a drilling rig, related equipment and spare parts, and on  January 31, 2020, Zion incorporated another wholly owned subsidiary, Zion Drilling Services, Inc., a Delaware corporation, to act as the contractor providing such drilling services. When Zion is not using the rig for its own exploration activities, Zion Drilling Services  may contract with other operators in Israel to provide drilling services at market rates then in effect.
    
   Zion has the trademark “ZION DRILLING” filed with the United States Patent and Trademark Office. Zion has the trademark filed with the World Intellectual Property Organization in Geneva, Switzerland, pursuant to the Madrid Agreement and Protocol. In addition, Zion has the trademark filed with the Israeli Trademark Office in Israel.
    
   Exploration Rights/Exploration Activities  
    
   New Megiddo Valleys License 434 (“NMVL 434