Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 184

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9
Chunk 184
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 to one month’s salary for each year of employment, or a portion thereof. Certain senior executives are entitled to receive additional severance pay. The Company’s liability for all of its Israeli employees is partly provided for by monthly deposits in insurance policies and the remainder by an accrual in the consolidated financial statements. The value of these policies is recorded as an asset in the Company’s balance sheet. 

   The deposited funds include profits/loss accumulated up to the balance sheet date. The value of the deposited funds is based on current redemption value of these policies.
    
     C.  Withdrawals from the funds  may be made only upon termination of employment. 

     D.  As of  December 31, 2024, and 2023, the Company had a provision for severance pay of $548,000 and $499,000, respectively, of which all was long-term. As of  December 31, 2024, and 2023, the Company had $541,000 and $475,000, respectively, deposited in funds managed by major Israeli financial institutions which are earmarked to cover severance pay liability. Such deposits are not considered to be “plan assets” and are therefore included in other assets. 

        F-
       16

        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 4 - Unproved Oil and Gas Properties, Full Cost Method 
    
   Unproved oil and gas properties, under the full cost method, are comprised as follows:

       December 31,    December 31,  
   2024    2023  
   US$    US$  
   thousands    thousands  
 Excluded from amortization base:         
 Drilling costs, and other operational related costs   6,426   2,538 
 Capitalized salary costs   2,546   2,444 
 Capitalized interest costs   1,418   1,418 
 Legal and seismic costs, license fees and other preparation costs   11,253   10,198 
 Other costs   39   39 
   21,682   16,637 

   Impairment of unproved oil and gas properties comprised as follows: 

       For the year ended  
   December 31,  
   2024    2023  
   US$    US$