Zion Oil & Gas: Leaves investors in suspense on Israel well, shares plummet

Zion Oil & Gas

17/08/2018 14:18

** Shares of Zion Oil and Gas  ZN.O  plummet ~40 pct to over
1-yr low premarket as Israeli oil producer keeps investors in
suspense whether it will produce oil in commercial quantities
    ** Co late Thurs confirmed active petroleum system in the
Megiddo-Jezreel #1 well  urn:newsml:reuters.com:*:nPn2L1Pc9a
    ** But when addressing well's success so far says, "The
answer is no. The drilling and testing on this well was much
more costly than we expected, and as of today cannot be
considered commercially successful."
    ** Zion shares set to wipe out ~17 pct gain YTD, adding
sharply to losses since mid-July when it disclosed an SEC
subpoena  urn:newsml:reuters.com:*:nL4N1U84GY

 (Reporting by Savio D'Souza and Lance Tupper)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017
savio.dsouza.thomsonreuters.com@reuters.net))