Zion Oil & Gas is a pre-revenue oil and gas exploration company focused entirely on finding commercial quantities of hydrocarbons in onshore Israel. Zion has been exploring in Israel for 25 years without ever achieving commercial production. Current operations center on two wellbores — MJ-01 and MJ-02 — on the same drilling pad within its Megiddo Valleys License 434, a roughly 75,000-acre exploration license in north-central Israel. In early 2025, Zion perforated and stimulated MJ-01, confirmed gas at the surface, and observed data consistent with a productive reservoir, but the well has not produced commercial quantities. The next phase, planned for 2026, involves drilling a horizontal lateral from MJ-02 into the target reservoir using multi-stage stimulation. Zion owns its own drilling rig, the I-35, which reduces some costs and can be contracted to third-party operators in Israel when not in use by Zion. The company generates no revenue and funds all operations through equity raises. If Zion ever achieves commercial production, it would owe a 12.5% royalty to the Israeli government on gross production, plus a profits levy ranging from 20% to roughly 45.5% depending on returns achieved, and has committed 6% of gross revenues to two charitable foundations. Zion's operations carry meaningful geopolitical risk, as ongoing regional conflicts — including the Israel-Hamas war, Hezbollah hostilities, and Israel-Iran tensions — have repeatedly disrupted operations and created logistical challenges.