Zion Oil & Gas, Inc. reported a net loss of $7.34 million for the fiscal year ending December 31, 2024, a decrease from the $7.96 million loss recorded in the previous year. The company's operating costs and expenses totaled $7.34 million, down from $7.96 million in 2023, primarily due to a reduction in general and administrative expenses, which fell by 11% to $4.65 million. The company continues to operate without any revenue, relying on external financing to support its exploration activities.
In a significant development, Zion received approval for its New Megiddo Valleys License 434 on September 14, 2023, which allows for oil and gas exploration over approximately 75,000 acres. This license, valid for three years with potential extensions, replaces the previous License 428 that expired in February 2023. The company has faced operational challenges, including delays due to regional conflicts and logistical issues, which have impacted its drilling schedule. As of early 2025, Zion anticipates resuming operations, contingent on securing necessary equipment and personnel.
Zion's workforce consisted of 20 employees and contractors as of December 31, 2024, with 14 based in Dallas and 6 in Israel. The company has raised approximately $16.3 million through its Dividend Reinvestment and Stock Purchase Plan (DSPP) in 2024, a significant increase from $6.95 million in 2023. However, the company remains dependent on a few key participants for funding, which poses a risk if their contributions cease.
Looking ahead, Zion's ability to continue operations is contingent on raising additional capital to fund its exploration and development activities. The company has indicated that it expects to incur substantial expenditures, particularly when actively drilling, which could reach $2.5 million per month. The ongoing geopolitical tensions in the region, including the Israel-Hamas and Israel-Hezbollah conflicts, add uncertainty to its operational timeline and financial outlook. The company has expressed that it will need to navigate these challenges carefully to maintain its exploration efforts and meet its financial obligations.
About ZION OIL & GAS INC
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