Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 403

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9C
Chunk 403
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% per annum, are due each month for 10 months commencing on  April 12, 2024. As of  December 31, 2024, the outstanding balance was approximately $9.000.
    
   Effective  November 18, 2024, the Company renewed its third party liability policy in Israel with total premiums, taxes and fees for approximately $76,000. A cash down payment of approximately $20,000 was paid on  November 18, 2024. Under the terms of the insurance financing, payments of approximately $5,000, which include interest at the rate of 12.9% per annum, are due each month for 11 months commencing on  December 16, 2024. As of  December 31, 2024, the outstanding balance was approximately $51.000. This policy was capitalized under Unproved Oil and Gas asset.
    
   Effective  December 3, 2024 the Company renewed its Control of well (“COW”) insurance policy in Israel with total premiums, taxes and fees for approximately $84,000. A cash payment of approximately $84,000 was paid on  December 3, 2024. This policy was capitalized under Unproved Oil and Gas asset.
    
   Effective  December 28, 2024, the Company renewed its D&O insurance policy with total premiums, taxes and fees for approximately $430,000. A cash down payment of approximately $41,000 was paid on  January 2, 2025. Under the terms of the insurance financing, payments of approximately $39,000, which include interest at the rate of 12.9% per annum, are due each month for 10 months commencing on  January 28, 2025. As of  December 31, 2024, the outstanding balance was approximately $430.000.
    
   As of  December 31, 2024 and 2023, the Company had contractual obligations to pay for various lines of insurance, including directors and officers, rig and third party liability. The balances for insurance financing were $490,000 and $432,000, respectively.
    
   H. Bank Guarantees
    
   As of  December 31, 2024, the Company provided Israeli-required bank guarantees to various governmental bodies (approximately $972,000) and others (approximately $93,000