Zion Oil & Gas has focused for over 25 years on onshore oil and gas exploration in Israel, operating under exclusive licenses granted by the Israeli government. The company holds extensive acreage but currently generates no revenue, relying heavily on equity sales to fund costly exploration programs. Recent recompletion efforts at its MJ-01 and MJ-02 wells have shown promising gas flows, yet commercial viability remains uncertain. Zion contends with complex regulatory landscapes, visa constraints, and geopolitical risks that could delay operations and inflate costs. Its financials reveal sustained net losses, negative operating cash flow, and substantial capital requirements ahead. The company’s future growth depends critically on successful drilling outcomes and continued access to capital.