And here comes the Financial Times - Gloating.....
Nov 21, 2018 18:48:27 GMT -5
bobc and motowngurl like this
Post by Ethan / JRyan on Nov 21, 2018 18:48:27 GMT -5
And here comes the Financial Times.....Right on schedule.. I wonder why they were so quiet when exposed? It would seem this is a victory dance of sort and they had a small part in this story. Ultimately, they did not kill Zion Oil, they just wounded her. What is or is not at the bottom of that well is what caused the bigger issue.
ftalphaville.ft.com/2018/11/21/1542806101000/Zion-Oil--we-drilled-a-dud/
I doubt it will be your last post Mr. Powell! I have updated the time line to add your latest commentary.
Zion Oil: we drilled a dud - By: Jamie Powell
Zion Oil, the Texas-based, faith-driven, wildcat driller searching for the black stuff in Israel's holy lands, sent out a press release late on Tuesday.
After eighteen years in which the company has raised $181m from investors ($16m in this year alone), drilled four dry wells and generated zero dollars in revenue, the operational update for its latest well, Megiddo-Jezreel #1, spelt more bad news for its beleaguered shareholders.
From the press release (with our emphasis):
DALLAS and CAESAREA, Israel, November 20, 2018 — Zion Oil & Gas, Inc. (Nasdaq: ZN) announces that it has completed the testing program of its primary zones located within the Jurassic and Cretaceous-age Formations of the Megiddo-Jezreel #1 (MJ #1) well.
As a result of the testing, Zion has determined that the well is not commercially productive.
It continued:
So Zion didn't learn any lessons from its first, second, third and fourth wells. But hey, the fifth well was a real education! All it needs now is cash for its sixth well. Judging by its Facebook page, where reaction to the news is a mix of anger, disbelief, and support, there may still be some takers of its odd equity and warrants packages.
Zion “is currently in discussions with the Israeli government on plugging obligations”, so it seems the well will be shut down and written off. On its last reported balance sheet, it had a carrying value of $34m, supported by $36m of equity. Therefore it is far to say the balance sheet will be under pressure if the well is written off this financial quarter.
At pixel, Zion's share price was down 55 per cent in pre-market trading to $0.53. Earlier in the year, it touched $5.
If the company's share price remains under $1 for 30 consecutive business days, it will be delisted from the Nasdaq. Nothing a reverse split can't fix, however.
As this may be our last post on Zion Oil, we'll leave you with an Alphaville favourite. Enjoy.
Zion Oil, the Texas-based, faith-driven, wildcat driller searching for the black stuff in Israel's holy lands, sent out a press release late on Tuesday.
After eighteen years in which the company has raised $181m from investors ($16m in this year alone), drilled four dry wells and generated zero dollars in revenue, the operational update for its latest well, Megiddo-Jezreel #1, spelt more bad news for its beleaguered shareholders.
From the press release (with our emphasis):
DALLAS and CAESAREA, Israel, November 20, 2018 — Zion Oil & Gas, Inc. (Nasdaq: ZN) announces that it has completed the testing program of its primary zones located within the Jurassic and Cretaceous-age Formations of the Megiddo-Jezreel #1 (MJ #1) well.
As a result of the testing, Zion has determined that the well is not commercially productive.
It continued:
While the well was not commercially viable, Zion has learnt a great deal from the drilling and testing of this well. We refer to our previous press release and operational update of August 16, 2018 where we outlined our testing objectives relating to this well. We believe that the drilling and testing of this well carried out the testing objectives we previously outlined and may support further evaluation and potential further exploration efforts within our License area. Those efforts will obviously take time and support and additional financial resources, which we will need to raise, but we are confident that it will be time and resources well spent to deliver on Zion’s mission and the vision of supporting Israel.
So Zion didn't learn any lessons from its first, second, third and fourth wells. But hey, the fifth well was a real education! All it needs now is cash for its sixth well. Judging by its Facebook page, where reaction to the news is a mix of anger, disbelief, and support, there may still be some takers of its odd equity and warrants packages.
Zion “is currently in discussions with the Israeli government on plugging obligations”, so it seems the well will be shut down and written off. On its last reported balance sheet, it had a carrying value of $34m, supported by $36m of equity. Therefore it is far to say the balance sheet will be under pressure if the well is written off this financial quarter.
At pixel, Zion's share price was down 55 per cent in pre-market trading to $0.53. Earlier in the year, it touched $5.
If the company's share price remains under $1 for 30 consecutive business days, it will be delisted from the Nasdaq. Nothing a reverse split can't fix, however.
As this may be our last post on Zion Oil, we'll leave you with an Alphaville favourite. Enjoy.
I doubt it will be your last post Mr. Powell! I have updated the time line to add your latest commentary.
