Rig

Viking Services has secured a contract to provide its Rig 35 drilling rig for the operations at Zion Oil & Gas’ Megiddo-Jezreel license area in Israel.

The contract will also see Viking deliver several other oilfield services and crew for exploration activities within Zion’s Megiddo-Jezreel License area in Israel.

The two-year agreement includes the drilling of two wells with an option for a third well.

"We are excited to join forces with Viking Services."

The first well, Megiddo-Jezreel #1, is expected to be drilled in the second half of 2015, subject to Zion securing regulatory approvals.

Following the primary term of the drilling contract, the parties may jointly set up Zion Drilling to initially lease and then possibly acquire and hold title to a drilling rig,

The rig will be under the primary term or a similar but deeper drill capacity rig.

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Zion Drilling will undertake drilling on Zion’s oil and gas licenses within Israel and to the extent not so used, to lease out the rig for hire to other drilling projects in the country.

Zion Oil & Gas president and COO Victor Carrillo said: "We are excited to join forces with Viking Services, a respected international oilfield services company who can help provide integrated service solutions, with equipment and operations located throughout the Eastern Hemisphere including ongoing operations in Israel."

Zion explores for oil and gas in Israel. The company currently holds the Megiddo-Jezreel License, a large area comprised of about 99,000 acres.

Under Israeli law, Zion has an exclusive right to oil and gas exploration in its license area where no other company is allowed to drill there.

Image: Viking deliver several other oilfield services and crew for exploration activities of Zion Oil & Gas. Photo: Courtesy of suwatpo/FreeDigitalPhotos.net.