Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 1133

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 1133
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 rig spare parts totaling approximately $178,000 and nil during the years ending  December 31, 2024 and 2023, respectively, in preparation for its MJ-01 re-entry project.
    
   Zion sold some excess scrap drilling pipe and accessories for approximately $35,000 to a local Israeli party during the year 2024. This transaction triggered a reduction in Other Drilling Assets, an accumulated depreciation adjustment and a loss on the disposal.

        F-
       13

        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 2 - Summary of Significant Accounting Policies (cont’d)
    
   I-35 Drilling Rig & Associated Equipment 

       I-35    Rig    Other      
   Drilling    Spare    Drilling      
   Rig    Parts    Assets    Total  
   US$    US$    US$    US$  
   thousands    thousands    thousands    thousands  
 December 31, 2022   5,225   619   437   6,281 
                 
 Asset Additions   -   -   -   - 
                 
 Asset Depreciation   (634)  -   (126)  (760)
                 
 Asset Disposals for Self-Consumption   -   (11)  -   (11)
                 
 December 31, 2023   4,591   608   311   5,510 
                 
 Asset Additions   -   178   -   178 
                 
 Asset Depreciation   (634)  -   (139)  (773)
                 
 Asset Disposals   -   -   (98)  (98)
                 
 Asset Disposals for Self-Consumption   -   (39)  -   (39)
                 
 December 31, 2024   3,957   747   74   4,778 

        F-
       14

        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 2 - Summary of Significant Accounting Policies (cont’d)
    
          Q. Other Comprehensive Income