Unit Program extended until March 31.

DALLAS and CAESAREA, Israel, Feb. 26, 2024 /PRNewswire/ -- Zion Oil & Gas, Inc. (OTC: ZNOG) announces the full acceptance of its work plan by the Supervisory Committee in Israel.

"On February 21, 2024, members of the Supervisory Committee visited our rig site. During this visit, they interacted with staff from Zion Oil & Gas, and our consultants and potential service providers. Some of these interactions occurred at Kibbutz Sde Eliyahu, while others were conducted through video conferencing with participants from US, Europe, and the Middle East, among other locations. I'm pleased to report that following these discussions, the Committee has officially accepted our work plan for the MJ-01 project. This acceptance allows us to sign agreements and secure mobilization dates with our service providers to commence and complete the project," announced Zion Oil & Gas CEO, Robert Dunn.

PROCESS OF ACCEPTANCE
On September 14, 2023, Zion announced that the Israeli Ministry of Energy had issued a new onshore exploration license – the Megiddo Valleys 434 license.

On October 7, 2023, during the Celebration of Simchat Torah, Hamas launched a vicious attack on Israel, which led to a declaration of war that is still in effect.

On December 6, 2023, the Israeli Ministry of Energy formally approved a detailed, industry-specific operational framework for the planned reentry, production tests, and recompletion of the MJ-01 well. The submission of this work plan is a requirement under Israeli law.

With the work plan approved, Zion was able to proceed with convening the required Supervisory Committee meeting. This Committee, consisting of a fifteen-member panel, is tasked with reviewing and endorsing the work plan. It also ensures that our planned operations have sufficiently mitigated potential impacts on the land, local roads, surrounding land uses, available water resources, and addressed other environmental and safety concerns.

Under Israeli law, the Supervisory Committee is composed of representatives from the Ministries of Energy, Water, and Environment, and representatives from the local Spring Valley County Council as well as from the surrounding kibbutzim of Sde Eliyahu (where the rig site is located) and Tirat Zvi (adjacent to Zion's rig site).

Due to the ongoing war between Israel and Hamas, scheduling a meeting with such a large Committee became more complex, as it required finding a date and time suitable for all members.

Zion will deploy cutting-edge technologies and innovative stimulation techniques in the MJ-01 well, aiming to unlock hydrocarbon flows in both previously and newly identified zones of interest.

UNIT PROGRAM EXTENSION
With this news, Zion Oil & Gas is also announcing the extension of its current Unit Program. Originally set to conclude on February 29, 2024, the program will now run until March 31, 2024. This extension offers investors additional time to participate in Zion's vision for Israel's energy independence. Each $250 investment per unit will continue to provide investors with $250 worth of ZNOG stock at the trading day's high-low average and fifty 25-cent Warrants, with the exercise period now extended from April 15, 2024, to April 14, 2025.

Investors can participate directly in Zion's mission via the company's website at through Zion's Direct Stock Purchase Program.

John Brown, Zion Founder and Chairman, expressed gratitude for the unwavering support from Zion's shareholders and the diligent efforts of the team in Israel. "This achievement reflects God's faithfulness toward advancing Israel's energy landscape. We are deeply thankful for the continuous support of our investors and the many prayers by our supporters during this time of difficulty for Israel."

Zion Oil & Gas, a US public company traded on the OTC, explores for oil and gas onshore in Israel on the 75,000 acre "Megiddo Valleys License 434" area.

"As each one has received a gift, minister it to one another, as good stewards of the manifold grace of God."
1 Peter 4:10

"Let your eyes look straight ahead,
And your eyelids look right before you.
Ponder the path of your feet,
And let all your ways be established.
Do not turn to the right or the left;
Remove your foot from evil."
Proverbs 4:25-27

Contact:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (OTC: ZNOG)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: [email protected]

FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion's operations and the results therefrom, including testing and completion; Zion's ability to discover and produce oil in commercial quantities; Zion's ability to continue as a going concern including raising the necessary funds for operations; operational risks in ongoing exploration efforts; regulatory approvals needed for exploration within our license and the rig's operation; the effect, if any, of the coronavirus pandemic on the timing of the operation of the well; the effect, if any, of the uncertainties associated with wars and skirmishes between Israel and other organizations and/or countries, and liquidity for shareholders on the OTC market are forward-looking statements as defined in the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties, and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion's filings with the SEC. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.

SOURCE Zion Oil & Gas, Inc.