Zion Oil and Gas: Drops after SEC issues subpoena

Zion Oil & Gas

12/07/2018 13:25

** Shares of Zion Oil and Gas  ZN.O  down ~16 pct premarket
    ** Zion late Tuesday said that on June 21 the SEC issued a
subpoena regarding a "non-public, fact-finding inquiry" into the
company  urn:newsml:reuters.com:*:nFWN1U70TS
    ** Israeli oil producer says it had no prior communication
with the SEC on the issue and was unaware of the investigation
    ** Zion says investigation will entail costs and
management's attention, but should have no effect on its ongoing
testing procedures on its Megiddo-Jezreel #1 well
    ** ZN has jumped ~85 pct YTD, set to outpace the ~58 pct
jump last year

 (Reporting by Savio D'Souza)
 ((RM:savio.dsouza.thomsonreuters.com@reuters.net))