On March 29, 67,950 dunam (about 16,791 acres) were approved to be annexed into Zion Oil & Gas Inc.'s (NASDAQ: ZN) existing Megiddo-Jezreel petroleum exploration license No. 401, the company said April 1.
The annexation was approved by Silvan Shalom, Israel’s minister of infrastructure, energy and water resources, the company added.
The additional acreage derived from the southern portion of Zion's former Jordan Valley license.
An about-equal amount of acreage was relinquished from the Megiddo-Jezreel license, so Zion’s license remains about 400,000 dunam (400 sq km, or 98,842 acres). This is the maximum size allowed under Israeli law, the company added.
Dallas-based Zion Oil & Gas Inc. filed the application to the petroleum commissioner on April 10, 2014.
Megiddo-Jezreel license with approved annexation. Source: GlobeNewswire/Zion Oil & Gas Inc.
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