Zion Oil & Gas, Inc. announced the start of recompletion operations for the MJ-01 well in Israel. Crews are mobilizing, and boots are officially on the ground, marking an exciting step forward in the company's journey towards Israel?s onshore energy potential. Operations have commenced: Amidst the ongoing conflict in Israel, Zion is thankful that the company's location is safe and ready for operations.

Thus far, there have not been any security concerns at the company's location and the project has not been significantly delayed despite unprecedented challenges. The operations have, however, faced some logistical challenges due to the war; the big being the unexpected embargo that Turkey placed on trade with Israel. In early May, after Zion had commercially contracted services, equipment, and material from Turkey, the Turkish government announced that no equipment or material would be allowed to leave Turkey destined for Israeli ports.

Consequently, the operations team was required to find alternate vendors and contractors on short notice to move forward. Zion was able to secure contractual services from vendors located in Romania, Greece, and the United States with minimal impact and delay to the overall program timeline. This event and realignment of contractors on short notice is a challenge Zion was able to overcome.

This is just one of numerous examples of God?s provisions as Zion has continued to press forward during this trying time in Israel. After opening the well, Zion will implement cutting-edge technologies and innovative stimulation techniques on the MJ-01 well to potentially unlock hydrocarbon flows in both previously and newly identified zones of interest. The recompletion operations, involving a comprehensive work plan approved by the Israeli Ministry of Energy, are set to proceed through Third Quarter 2024.

Unit Program Extension: In conjunction with these operational developments, Zion Oil & Gas is extending its current Unit Program. Originally set to conclude in May, the program will now run until August 31, 2024. This extension provides investors with additional time to participate in Zion?s mission of achieving Israel?s energy independence.

Each $250 investment per unit includes $250 worth of ZNOG stock at the trading day?s high-low average and fifty 25-cent Warrants, with the exercise period extended to September 14, 2025.