On Wednesday, Zion Oil & Gas, Inc. (NASDAQ: ZN) started its trading session with the price $0.25 and closed at price of $0.28 by scoring 16.67%. Day range of the stock was $0.23 – $0.29. ZN stock traded with total volume of 13961258 shares while the average trading capacity remained 8348041 shares. Earnings per share was $-0.55.
Entered a letter of intent to buy a drilling rig, and it has made two subsidiary businesses. “This rig has improved capacities for onshore drilling in Israel, and we view it as a very important portion of our operations going forward.” “We’re lucky to Discover this rig and think it’s A perfect match for our aims,” said Zion’s President, Bill Avery. “We’re grateful for our bankers’ continuing support that will allow us to close the purchase of the rig immediately accessible money at closing.”
Zion Oil & Gas has entered into a letter of intent to buy drill pipe, a drilling rig, and all gear for importation to keep its mining plans.
The rig is a 1600 horsepower rig was outfitted by AC Top Drive with A twin 1600 horsepower sand pump system using a depth capacity of 20,000 ft. The rig is going to be outfitted with 15,000 feet of hefty 5″ drill pipe together with related well control gear.
The rig failed a CAT III & IV certificate in It, and Late 2017 the caliber of the rig and equipment has drilled two wells.
The vendor and Zion Oil & Gas plan to Begin negotiating a Purchase contract to close the purchase of the rig subject to due diligence. The rig buy is going to be a cash buy payable in full without the funding.
TWO SUBSIDIARIES FORMED
When Zion Oil & Gas isn’t currently utilizing the rig for the exploration Zion Drilling Services, Actions may contract to offer drilling services at market prices in effect.
Zion has the signature “ZION DRILLING” registered with Property Organization in Geneva, Switzerland Protocol. Zion gets the signature Filed together with the Israeli Trademark Office at Israel.
The USA based company Zion Oil & Gas, Inc shares are at 18.90% for the quarter and driving a -40.40% return over the course of the past year and is now at 62.22% since this point in 2018. The average volatility for the week and month was at 15.88% and 20.37% respectively. ZN has total market capitalization of $27332760.