Zion Oil & Gas, Inc. (NASDAQ: ZN) is having an overwhelmingly strong start to the trading session today, and for good reason. The company offered an update with regard to drilling operations, informing investors that it has reached a key milestone. Of course, this caused excitement among investors, leading to gains and an alert from our partners at Trade Ideas. Currently (10:37), ZN is trading at $3.44 per share after a gain of $1.36 per share (65.38%) thus far today.
ZN Offers Drilling Operations Update
As mentioned above, Zion Oil & Gas is having an incredible time in the market at the moment after publishing a press release that informed investors that it had met a key milestone surrounding the MJ#1 well.
In the press release, ZN announced that it is continuing active drilling operations and has reached a depth of 2,000 feet. The company will continue to drill in order to reach the goal depth of 15,000 feet. In a statement, Dustin Guinn, President and COO at ZN, had the following to offer:
“We are pleased to announce that we have reached an early milestone in the drilling of the MJ#1 well. We are encouraged with the operational results to date and continue to be satisfied with the performance of the Zion staff and service providers with respect to their adherence to our strict safety expectations.”
Zion also took the opportunity in the press release to remind investors about the $250 unit program it is running. The program will continue to run through July 12th and gives investors the ability to invest directly with the company in order to avoid broker fees. You can learn more about the Direct Stock Purchase Plan (DSPP) by going to www.zionoil.com/dspp.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ZN. In particular, we're interested in following the company's ongoing operations with regard to drilling in Israel and excited with regard to the progress to date. We'll continue to follow the story closely and bring the news to you as it breaks!
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