Unassociated Document
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
May
17, 2010
Date of
Report (Date of earliest event reported)
Zion
Oil & Gas, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
(State or
other jurisdiction of incorporation)
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001-33228
(Commission
File Number)
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20-0065053
(IRS
Employer Identification No.)
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6510
Abrams Road, Suite 300, Dallas, TX 75231
(Address
of Principal Executive
Offices) (Zip
Code)
Registrant's
telephone number, including area code: 214-221-4610
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Extension of Asher-Menashe
Petroleum Exploration License
On May
17, 2010, the Israeli Petroleum Commissioner notified Zion Oil & Gas, Inc.
(the "Company" or “Zion”) that it was approving the Company’s request for a
one-year extension on the Company’s Asher-Menashe License, extending the
expiration date of the Asher-Menashe License until June 9, 2011.
The
Company’s “Asher-Menashe License” covers an area of approximately 78,824 acres
located on the Israeli coastal plain and the Mt. Carmel range between Caesarea
in the south and Haifa in the north. The Asher-Menashe License had an
initial three-year term that was to run from June 10, 2007 through June 9, 2010,
and has now been extended for an additional one-year period ending June 9, 2011.
At the option of the Israeli Petroleum Commissioner, the Asher-Menashe License
may be extended for additional one-year periods up to 2014.
Under the
terms of the Asher-Menashe License, as extended, Zion is required (i) to sign an
agreement with an appropriate geological services provider to acquire at least
30 kilometers of 2D seismic by August 1, 2010, (ii) to commence the seismic
survey by October 1, 2010, (iii) to process and integrate the results of the new
seismic survey with existing seismic lines and file a report with the Israeli
Petroleum Commissioner by February 1, 2011, (iv) to identify a new drilling
prospect in the Asher-Menashe License area by April 1, 2011 and (v) to sign a
drilling contract to drill to the Permian geological layer by May 1,
2011.
On May
20, 2010, the Company entered into an agreement with the Geophysical Institute
of Israel to acquire approximately an additional 30 kilometers of field seismic
in the Asher-Menashe License area. Work on the new seismic lines is expected to
begin in June 2010, subject to obtaining the necessary permits and
approvals.
Attached,
as Exhibit 10.1, is an English translation from the original Hebrew of the
extension letter.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit
10.1 – Petroleum Exploration License No. 339/ “Asher-Menashe” Extension Letter
(translation)
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereto
duly authorized.
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Zion
Oil and Gas, Inc.
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Date: May
20, 2010
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By:
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/s/ Richard
J. Rinberg
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Richard
J. Rinberg
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Chief
Executive Officer
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