Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 146

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 146
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 older guidelines was included in previous Zion filings.
    
   The Company believes that these regulations will result in an increase in the expenditures associated with obtaining new exploration rights and drilling new wells. The Company expects that an additional financial burden could occur as a result of requiring cash reserves that could otherwise be used for operational purposes. In addition, these regulations are likely to continue to increase the time needed to obtain all of the necessary authorizations and approvals to drill and production test exploration wells.
    
   As of  December 31, 2024 and 2023, the Company accrued nil and nil for license regulatory matters.
    
   E. Charitable Foundations 
    
   Two charitable foundations were established, one in Israel and one in Switzerland, for the purpose of supporting charitable projects and other charities in Israel, the United States and internationally. A 3% royalty or equivalent interest in any Israeli oil and gas interests as  may now be held or, in the future be acquired, by the Company was assigned to each charitable organization (6% interest in the aggregate). At  December 31, 2024 and 2023, the Company did not have any outstanding obligation in respect of the charitable foundations, since to this date, no proved reserves have been found.

        F-
       43

        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 9 - Commitments and Contingencies (cont’d)
    
   F. Office and Vehicle Leases
    
   (i) The Company’s corporate office in Dallas, Texas is under lease for 8,774 square feet. On  October 4, 2023, the Company and the Lessor signed a Third Amendment to the Lease Agreement (“Third Amendment”) whereby the Lease extended from  June 1, 2023 through  December 31, 2024, for a total of 19 months. The monthly payments to be paid are as follows: (1) basic rent of $7,677.25, (2) common area maintenance of $2,917.36, (3) taxes and insurance of $1,593.94 and (4) electricity charges of $1,703.62. The corporate office in Dallas is under new ownership as of  April 2024.  The Company is awaiting a lease amendment beginning  January 1, 2025, but in the meantime, new ownership has provided written assurance to the Company that we  may continue renting space in the