Zion Oil & Gas, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting a continued focus on oil and gas exploration in Israel. The company has not generated any revenue from its operations during this period. As of September 30, 2024, total current assets increased to $2,417,000 from $2,291,000 at the end of 2023, while total assets rose to $29,866,000, up from $25,181,000. Total current liabilities decreased to $2,080,000, down from $2,640,000, but total long-term liabilities increased to $1,181,000 from $523,000. Stockholders’ equity improved to $26,605,000, compared to $22,018,000 at the end of 2023.

For the three months ended September 30, 2024, the company reported a net loss of $1,791,000, slightly higher than the $1,743,000 loss in the same period of 2023. General and administrative expenses decreased to $1,143,000 from $1,332,000 year-over-year, while other expenses rose to $632,000 from $379,000. For the nine months ended September 30, 2024, the net loss was $5,617,000, an improvement from $6,216,000 in the prior year. General and administrative expenses for this period also decreased to $3,519,000 from $4,106,000, while other expenses increased to $2,113,000 from $1,978,000.

The company raised approximately $12,160,000 through its Dividend Reinvestment and Common Stock Purchase Plan (DSPP) for the nine months ended September 30, 2024, net of $2,299,000 in equity issuance costs. This compares to $4,358,000 raised in the same period of 2023. Cash and cash equivalents at the end of September 2024 were $1,847,000, up from $1,530,000 a year earlier.

Zion Oil & Gas is currently focused on the New Megiddo Valleys License 434, which was approved in September 2023 for oil and gas exploration over approximately 75,000 acres. The company has faced operational challenges, including logistical issues due to ongoing geopolitical conflicts in the region, which have temporarily paused drilling operations. The anticipated resumption of these operations is expected in Q4 2024 or Q1 2025, contingent on resolving these challenges.

The company’s ability to continue operations is heavily reliant on securing additional financing, as it has substantial accumulated deficits and no current revenue. As of September 30, 2024, the accumulated deficit stood at approximately $292 million.