Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 87

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 87
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, Germany, the Netherlands, the UAE, the United States, and Tanzania. This unprecedented international cooperation underscores the dedication and perseverance of Zion’s team and partners. Furthermore, Zion has maintained continuous security at the MJ-01 site, ensuring a stable and secure operational environment. Additionally, commercial air travel into Israel has steadily resumed, further supporting logistical operations.
    
   With all necessary equipment expected to be on-site by mid- March, Zion anticipates progressing through the well completion and testing operations in Q2 2025.
    
   During the year ended  December 31, 2024, the Company recorded $ nil in non-cash post-impairment charge to its unproved oil and gas properties. During the year ended  December 31, 2023, the Company recorded a non-cash post-impairment charge to its unproved oil and gas properties of $135,000 (see Note 4).

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        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 1 - Nature of Operations and Going Concern (cont’d)
    
   Zion’s Former Asher-Menashe License
    
   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