After considerable exchange with Zion's lawyers I have amended this post. The well is "probably" dry. For an explanation see this post.
For a small exploratory oil company with limited funds a dry well is really bad news. Three dusters and it is game over. Two and – well – you probably should be looking elsewhere.
And so I want to report to all that Zion Oil and Gas has had a probably dry well.
Zion is a special company drilling for oil in a special land. An alliance of fundamentalists Jews and fundamentalist Christians are fleecing their flock with a string of rights offerings to fund drilling in essentially non-prospective land in Israel. The company’s promotional dross is simply funny. This you-tube clip is simply a gem…
Zion however has reported the main well they were drilling to be dry. But – even funnier than the video is the press release announcing the bad news.
25 September 2009 – Operations Update # 20
As noted last week, we have successfully drilled this well to a depth of approximately 17,913 feet (5,460 meters).
This past week, we ran a ‘velocity survey’ in order to help increase our understanding of the geology of our license area.
A ‘velocity survey’ is a type of seismic survey where the seismic travel time from the surface to a known depth is measured. Geophones are lowered into the wellbore and a pulse wave sent out from ground level; the resulting signals are then recorded.
The velocity survey data will be used to correlate specific formations to reflections seen on the seismic sections that we used to map the Ma’anit structure.
We have decided, for the present, not to drill any deeper in this well and are now analyzing and establishing the priorities of the seven zones that warrant completion testing. However, the well bore is in excellent condition and it is possible that we will drill this well deeper in the future. Next week, I will comment further, but I’ll mention that this week Zion’s Chairman, John Brown, gave me a note with the reference Psalm 135:6 – ‘Whatever pleased the Lord, he did, in heaven and on earth, in the seas, and all the depths…’