Zion Oil & Gas, Inc. ($ZNOG)

Good evening [indiscernible] of scattered around the world. [indiscernible]. We'll go ahead and call the meeting to order. My name is Robert Dunn. I'm the Chairman and CEO of Zion Oil and Gas. Before we start the annual meeting, we're going to start off with [indiscernible]

Thank you for this time for this company and everything you've done with it over the years we you think especially 4 vision, share effort and legacy of our founder, and friend, John Brown, help us this year. It was remembered and the carry on his work and his or and more importantly, as or your own or in your will let expertly this time for all this just [indiscernible].

Thank you, [indiscernible]. We'll go ahead and have a short montage in honor John Brown, the founder Zion Oil & Gas. [Presentation] Thank you, we may have had some AV issues with them, but we'll make that motor devotion available via a link on our website for anybody that didn't see it ologies we did have so many issues there. We're in our new office. We're kind of hashing and iron some of these new computers, et cetera. Before we go ahead and get started here, I'm going to bring up William Avery, General Counsel, and he will kind of read the legal [indiscernible] [indiscernible] portion.

Thank you, Rob. Before we proceed, I would like to remind you that during the course of these presentations, and for your questions, anyone on behalf of the company may make forward-looking statements regarding future events or future performance of the company. Of course, we cannot foresee the future and actual events may turn out to be different from what we expect. And because of the nature of this meeting, we cannot undertake to provide updates or corrections to any statements that we may make about the future. We refer you to Zion's filings with the Securities and Exchange Commission, in particular, the company's most recent filings on Form 10-K for the recently completed fiscal year in Form 10-Q for the first quarter of this year. These documents identify important factors that could cause actual results to differ from any forward-looking statements we make today. Thank you.

Well, once again, good morning, good evening, good afternoon to all our shareholders. At this time, I'd like to call the meeting to order. Well, it should be on the Zoom webinar, you probably received copies of the rule on that for everybody. And you should have already registered through the Zion website by May 29. [indiscernible] you had the options to submit questions for the Q&A portion of the meeting. You can submit questions during the meeting. Lending a home time management will try to answer any -- as many questions as possible. raised during the webinar meeting. Our Executive Vice [indiscernible] Treasurer [indiscernible] will act as Secretary and timekeeper of the meeting. The Board of Directors has appointed Mr. [indiscernible], to act as Inspector of Elections. Mr. [indiscernible] has previously taken the oath as Inspector of Elections. Rules of conduct. You should have received A copy of the rules of conduct for this meeting. To conduct an orderly meeting, we ask the participants to follow the rules as stated in the rules of context. Please limit your submitted questions to corporate business only. As noted in the notice and proxy statement previously made available to you, the record date for voting at this meeting with the close of business, April 6, 2026. The proxy statement was filed with the Securities Exchange Commission April 9, 2026. Direct mailing the notice and access were provided by Equiniti Trust Company by the aided at [indiscernible]. More on a quorum of proxies. The Secretary of the meeting will now report on the existence of a quorum for the meeting.

The shareholder list shows that holders of $1.182 billion 7,591 shares of common stock of the economy are entitled to vote at this meeting as of the Inspector of Elections that are represented in person or by proxy, [indiscernible] shares of common stock are approximately 56.82% of all shares entitled to vote at this meeting and the corps being a Texas Corporation were only required to have at least 35%. So we're at 56.2%. Thank you, Martin. Based upon a percentage of total shares of the company held by the holders of record now present at the meeting, either in person or by proxy, a quorum is present

The meeting is now duly conveyed for the purpose of transacting business properly before. So proposals and discussions. The next order of business in this description of matters properly brought before the meeting. Following the business portion of this meeting, I will report on current corporate affairs after which there will be a Q&A session. Proposal #1 is the election of directors. The first item of business today is the election of Directors for directors to be elected today are Class II directors of the company. Directors elected today will hold office until 2029 Annual Meeting of Shareholders, and our successors will be elected and qualified. The nominees are listed in your proxy materials on the agenda. The Board of Directors of the company recommends the following nominees: Paul Orion, [indiscernible], [indiscernible], Rob Dunn. There have been no nominees recommended by any other than the Board of Directors. May we have a motion or a nomination of the recommendations for candidates and directors.

I nominate each of Paul Orion, [indiscernible], [indiscernible] and Robert Dunn as Class III Directors of the company to serve until 2029 Annual Meeting of the Shareholders and until their successors are elected and qualified.

Mr. Chairman, I second.

Thank you, [indiscernible]. One will commence after all proposals have been presented. We'll now move on to [indiscernible]. Proposal 2 is to ratify the appointment of RBSM as an independent registered public accounting firm as independent our independent registered public accounting firm of the company for the fiscal year ending December 31, 2026. Does anyone have any questions concerning proposal 2. May we have a motion regarding proposal 2.

Mr. Chairman, I move the proposal to ratify the appointment of RBSM, LLP, an independent registered public accounting firm as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2026.

Mr. Chairman, I second the motion.

SP1 Proposal 3 to improve in a nonbinding advisory vote the compensation of the company's named executive officers. Does anyone have any questions concerning proposal we have a motion regarding proposal 3.

Mr. Chairman, I move to approve in a nonbinding advisory vote, the compensation of the company's named [indiscernible] officers.

I second the motion.

Proposal #4, to approve a nonbinding advisory vote, the frequency of the future nonbinding advisory votes on the compensation like company's named executives. Does anyone have any questions concerning proposal 4. When we have a motion with proposal 4.

Mr. Chairman, I move to approve in a nonbinding advisory vote, the frequency of future nonbinding advisory votes on the compensation of the company's named executive officers.

Mr. [ Chairman ]. I second the motion.

Thank you, Dr. Russell. Because there's no further business on the agenda to come before this meeting, we'll move on to voting. If you have previously voted your proxy card, your shares will be voted accordingly. If you have not already done so, please log into the Equiniti AST platform to vote your proxy. We'll go ahead and take 15 minutes. So go ahead and get the proxies voting. [Voting] The time is 9:03 a.m. Central Standard Time. I will now declare the polls closed and ask the inspector of elections for the results.

If all have been tabulated and the results are as follows: Proposal 1, with respect to Proposal 1 for the election of each of Paul [indiscernible] Virginia [indiscernible] Robert Dunn, last 3 directors of the company. The following persons have been elected as Class II director for the following bots, all Orion or [indiscernible] against 9,647,373 percentage of voted for 97.34. Virginia [indiscernible] for 348,787,420 against [indiscernible] percentage of voting for 97.02%. [indiscernible], for 349,776,340 against [indiscernible] percentage of voting for 97.25%. Robert Dunn for [indiscernible] against [indiscernible] voting for 97.4 Proposal #2 with respect to the gratification of appointment of RBSM, LLP, an intended registered public accounting firm as the independent accounting firm of the company for the fiscal year ending December 31, 2026, was approved with 643,734.205 in representing 98.67% of the shares voting in favor, [indiscernible] against [indiscernible] abstaining. Proposal 3. With respect to disposal approval of a nonbinding advisory vote, the compensation of the company's named executive officers as described in the compensation discussion analysis tables was approved with 339,767.567, representing 95.4% of shares voting in favor, [indiscernible]. Proposal 4 we expect to firm a nonbinding advisory vote on the frequency of future nonbinding advisory votes on the compensation of company's named executive officers was approved with [indiscernible] shares being 31.64% of the shares voting in favor of 3 years 286,891,292 in favor of 2 years, [indiscernible] in favor 1 year [indiscernible]. Thus, the majority of shares voting are in favor of 3 years. on. Right. Well, we're going to look at the official portion of the meeting to adjourn. If there is no further official business to come before this meeting, do I have a motion for adjournment. I motion to June. Does anyone second?

I second.

You've heard the motion to adjourn. All those in favor, [indiscernible] motion is carried. I declare the meeting to be officially adjourned at 9:07 a.m. June 2, 2026. We'll now proceed to the informal portion of the meeting. At this time, I'll call the [indiscernible] to phone and afford to the scale. Okay. This climber A little longer than the last -- before we proceed again, I would like to remind you that during the course of our presentations or in answers to your questions. Anyone on behalf of the company may make forward-looking statements regarding future events for the future performance of a company that are not historical fact, including, but not limited to, statements regarding Zions operations and the results therefrom, including testing and completion sign's ability to discover and produce oil and commercial quantities, design's ability to continue as a going concern operational risks and ongoing exploration efforts, regulatory approvals need ensure our license in the [indiscernible] operation the effect, if any, of the [indiscernible] conflict on the timing of the operation of the well and liquidity for shareholders on [indiscernible] are forward-looking statements as defined in the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in [ Zion's ] periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zions actual performance to differ materially from the results predicted by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item [indiscernible] annual report on Form 10-K, which is expressly incorporated herein by reference and other factors as may periodically be described in the [indiscernible] with the SEC. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.

Thank you. Thank you. Welcome back to the informal portion of our annual meeting. Obviously, from last year to present. We have some pretty big changes that have happened. One, we relocated down the street in Dallas with the new office here and a lot of subs confine the last annual meeting. So one of the big things I just want to put out there and thank everybody this stood by us, it has not been an easy year, the colleagues, this hard to navigate around with some of that. But with the support, the payer that we've had from our shareholders and supporters, we've actually been able to overcome quite a bit of the scenario-based issues in Israel with shipping bringing crews in airport shutting down, et cetera. We'll get kind of in a little bit more detailed will scratch a bit more of that service than we have taken it from our Israel office. He can kind of give you a general update on normal in Israel is daily life. But just on my portion, I really want to take the time to thank everybody as a shareholder and supporter and we've recently lost our for from Brown and one of the things that we bought [indiscernible] on this target is forever home is we're going to keep this vision live. We're going to continue to move forward. John's family last that we did the same thing and -- we ask everybody out there to just keep John's family and their peers for their healing and our founder is always on our side, beside us, looking in everything we're doing. So John was steadfast and we're going to go ahead and get his vision to fruition. So that being said, I'm going to go ahead and hand the floor off to Dr. Russell. He's going to go over kind of a geological snapshot where we've been at the last year and one of the magical team in [indiscernible] and is new in the geology portion. Thank you, Dr. Russell.

Good day to everybody. It's a pleasure to be able to speak with you and give you a short update on where we are from a geological exploration on first from [indiscernible] this is a satellite image on top showing the northern portion of Israel. And you can see the Jordan River running south from the sea Gallery and this image ends just north of the Dead Sea and [indiscernible] you can see on the Mediterranean coast and there's an outline within the Jezreel Valley, which shows the location of our license and the star in the very southeastern portion of our block is the location of the MJ 1 well. And below that is a beautiful image from Mount Gilboa, just to the west of our well in the morning and Mottola, of course, very historical from the perspective of the Israelites as it was there that CONSOL was killed by the filings. And -- so it's looking down on the valley, both Bally disperse a very beautiful place early in the morning with the Sunshine through the clouds excellent. Over the years, and we've been we have been focused on this area for a long time. In 2012, 2013, we were working with very fundamental 2D seismic data. and we did isolate this area as an area of [indiscernible]. The map you see here is a result of second generation of 2D data and reprocess seismic, but this map in particular, is a function of the 3D data that we saw several years ago. And it really allowed us to get a complete 3D image of the subsurface and really mature our interpretation. And the Star is the location of the [indiscernible] the next one. And this as he looks here, the ops is basically showing the area that we're going to evaluate when we reenter the well here in the coming weeks. In the well, we encountered a significant show of fighter curves that had molecular components from methane all to [indiscernible] when we drilled the well, and we were able to recover hydrocarbons from the well the last time we went in and attempted to reap that completion of this zone. We decided that we would have better success if we drill horizontal to increase the profile of exposure of the wellbore to that potentially producing zone -- and then the next one, you'll see next slide, we're zooming in on the structural block that we're going to evaluate. And you can see it shows a horizontal trajectory for the wellbore and we're operating within a structural block between 2 faults, but it's a nice structural high with the presence of hydrocarbons seen in the [indiscernible] next one is a seismic line along that trajectory of the proposed and planned well bore. And you can see how the horizontal well has come out of the energy I will reenter the well and the M2 wellbore and then DV and eventually become horizontal within the zone that we had the hydro cars. And you can see the yellow star in the MJ 1 well. So is the location where we had hydrocarbons in the well, and we're going to go horizontal within that interval and do stimulate multiphase, multistage stimulation to hopefully enable us to have a substantial flow of hydrocarbons in the well. And with Gods Grace will [indiscernible] able to be to have commerciality on this well. to the next one. This -- I mentioned that we did recover hydrocarbons when we did our test the MJ 1 well, and that interval in particular, a couple of years ago. And you can see on the right, the molecular components of the hydrocarbons that that we recover and test it is rarely geochemical laboratory. We had 2 samples, MG1 Sample 2 and MG1 Sample 3. And we have significant components of barges from C1 methane all the way in sample 3 all the way to C10 decade. And on the left is a chart that shows the the components of typical hydrocarbon phases from black oil to volatile oil, the condensate and to simply a natural gas reservoir. And you can see that our results are very consistent with a condensate. So we have what we call a gas condensate, accumulation that we're hoping to get to flow and stimulate it is a high-quality hydrocarbon and the gas can be used for many purposes. The commensate it's virtually jet fuel needing almost no refining once we get it out of the ground and into tanks and to a storage facility. So we're very excited that this is what we have and that what we're going to hopefully get to flow. -- ex brain. So with success and with Dodd's Grace, we will have success, we have mapped in the region, a number of structures that provide for us opportunities for continuing drilling and finding additional reserves. So we ask for your prayers for operations and to bless you all for your support over the years. Thank you -- thank you, Dr. Just kind of think a little bit of art Russel's lightning and thunder there with the well. It's very encouraging. The horizontal portion that we're going to be opening up. We're very excited. We have very tremendous talented group of engineers throughout the world that have been working with us hand-in-hand on this to identify the best methodology and technology in order to open up that section. So it's a 300-foot [indiscernible] more or less 3/4 of a mile long that we're going to open up. So this is a foundational horizon on oil and gas and definitely has tremendous potential for us to bring something to surf in commerciality. And that being said, I'm going to turn it over to the guy that makes the magic happen out in the field here on an ease Thanks, Rob. Good morning, good afternoon, good evening to everybody. I usually like during this meeting to go back over the entire year. Sometimes we're in the non operation when we have the Annual Shareholders Meeting other times. We're just kicking it off, which seems to be more of the case this time. So let's go back in time in the day after the Annual Shareholder Meeting when last year, we had it on June 4, so we'll start the conversation here on June 5. At that time, we were renting down, we just finished completing all the well testing and flowback operations from the [indiscernible] well. We demobilized on the 8th of June since all of the samples that led us referenced out for assay at that time. And luckily for ourselves and our subcontractors, we got out the day before the U.S. on the nuclear facilities in Iran, which pretty much has kicked off the conflicts that we've been wrestling with over the last several months in the full year at this point. So -- but immediately, when we started getting the gas sample at the surface last May, we did encounter the heavy saltwater -- but even at that time, we had already started our forward thinking as to what we're going to be doing next. And from June 9, as soon as I got back we put all of our attention towards planning the next operation. Now originally, we had hoped to get back in there right away since we did have some equipment available there the MOE considered this to be a drilling operation, which required full permitting and drilling approval process. with the escalation in Israel, a lot of the people who work to make decisions in the MOE are also reserves in the military, getting everybody convened is an impossible task in itself. And in fact, we didn't even get our drilling approval until recently, I mean, May of this year, due to some of the shutdowns. So getting this operation started in 2025 just was not feasible from an approval process. Additionally, the Visas that we had for the well testing last year. They're 6-month fees, which expired in June. We were denied extending them throughout the year. which meant we would have to reapply for Visa starting in 2026. So those 2 are the main reasons why we couldn't get started earlier than what we did. But regardless, the operation itself, it's not complex in its operation, but it does require engineering from both the drilling side as well as the completion side that need to match up because it is a vertical and a horizontal coming together. You got to take into consideration flowback characteristics and if and when we have hydrocarbons coming into the wellbore. We've discussed in previous years, the formation pressures versus the wellbore pressures and the tricky balance of getting that right. and the deviation of the vertical section of a whole really plays into effect with the pressure inside the analysts, which will affect the flowback characteristics of the well. So we did engineering from both sides look into this to marry up the best case scenario. And from those engineering plans it was determined for 2 different reasons to go off of MDI rather than MDA. From an operating standpoint, [indiscernible] had tieback casing to surface, 7-inch [indiscernible] which limited the amount of room that we had to operate, meaning we would have had to have done a single run of 1,900 meters, both vertical and horizontal into the production zone, which gave us 0 room for here or 0 room for an unexpected event like a lost circulation zone or potential shale collapsing or rock lapse or whatever situation that we could have encountered where we potentially couldn't get through, meaning we would have had to stop and change and slimmed down or made an adjustment. We just did not have that opportunity off of [indiscernible]. [indiscernible] allows us to drill this in 2 different sections, which will allow us to make adjustments if we come across a situation that required us to make a change. We don't get down to depth and we have to lateral off of somewhere else. We will have that flexibility by going out of [indiscernible]. So once we roll out [indiscernible], we then had to make the plans for how we're going to go back to MOT and what was all entailed in that. And so that took a little bit of time. And also, we began the procurement process there towards the tail end of 2025. Again, all of the operations started up as soon as we could, which was January 4 of this year, I think we go to the next slide there, very good. So the crew mobilized in the country on January 4 with the intention of starting to drill the first week of April. That's the -- that was the original plan. The beginning of the operation in title because if you remember, we are still ripe. So we had to go back. We had a complete [indiscernible] to the satisfaction of the MOE. So we plug and abandon [indiscernible] we did a Cat IV recertification because, as I mentioned earlier, this is an entirely new drilling operation. So our rig would add its 5-year limitation. So we had to recertify the rig for drilling operations, which we completed. We have upgraded the generators to make sure that we had enough reliable power to do both a vertical and a lateral section using mud motors and that was completed. And we were ahead of schedule, ironically when the war broke out in mid-February. We stated our location until March 22. And the reason I decided to demobilize the [indiscernible] not because of an escalation or increased threat. It was simply because the next stage of tools that I -- that we needed to continue working, we're not moving. We had shipments either on the water or getting ready to embark from China, Scotland, Romania, the United States, [indiscernible] just to name a few. The primary loans that were giving us the hardest difficulty, we're in the UAE. And we had them ready to be picked up when trade hormones was closed. We looked at shipping through Oman and they hit the port along literally today that we were trying to book a vessel from there. So we've got really complicated how I put this stuff on the water, we have started to incur the significant cost, daily costs. So we decided to put it on hold for both the safety of the crew logistical reasons and to ensure that we're not increasing our financial burden with no future to get started again. So we demobilized the crew. And even at this time, this is now about 4 weeks into the operation at the very the airports in Israel were still closed. So we had to demobilize through from on Jordan. You've got everybody out on market. From March 22, it was a daily -- on a daily basis, we were in contact with both the travel agents, the airports, the logistical companies looking for a window where we could get back in. And it wasn't until May 12 that the threat level has dropped pretty much around the globe. It had been at its highest level. which means that ships and airplanes and whatnot, we're not willing to come in. But literally, on May 12, all my shipments started resuming [indiscernible] from all those places that we just talked about that they were ready to put things on airplanes, they start sailing again. And at the same time, we booked all of the drilling crew to remobilize and we got in the next day and resumed operations. Where we stand today with all the shipments, almost all of the important ones have arrived as far as the spare parts is getting the rig, put back together, ready to drill. We received all of those in the crews currently working on installing some of those critical spare parts and needed items to switch to a directional drilling campaign. The [indiscernible] tools go back 12th [indiscernible]. The [indiscernible] were moved to the deval free zone. They are currently transporting through Jordan. I do have one unknown situation and that's when it reaches [indiscernible] in Jordan, the [indiscernible] and Israeli border there is a queue. And keep in mind that the order has been closed since middle of February. So there is a queue, and it's not a first comp first basis. So we do not know where in line we're going to fall when the trucks get there tomorrow, they're supposed to get in there tomorrow. So tomorrow, I should have an update as to BTA to get the MWD tools across the board. The European shipment that left from Amsterdam is scheduled to arrive in the next week or 10 days from now. So that gives us the tools that we will need between that UAE shipment and the European shipment. That gives us what we need to get the vertical section of the well drilled. So we're in good shape if all that stuff been clear in the next 10 days. What are we doing right now? We are rigging up over NOI, getting ready to open the well this week. There is temporary employment abandonment that we left off there in 2022. So we're going to clean that out. We've raised the substructure. They can go to the next one now. talking about what we're getting ready to do. So the remaining operations that we have for this year are pretty much commencing this week. We're going to plug and abandon below the 2,700 meter mark further requirements we're going to run a [indiscernible], when is a [indiscernible], a risk cycle is a plug that it also acts as a wedge. It will force the drill bit and help the side of the casing. So that is what we're going to use to open up a window that's going to allow for the deviated vertical directional drilling to start off and that will take us a couple of weeks to get all of that done. I do have the [indiscernible] country, which is good news. So as soon as those directional tools arrived from the boat, we'll be able to get started on the directional side. From there, we have just under 1,000 meters of 8.5-inch open hole. It's deviated, but primarily vertical drilling, which is going to get us down to the target on debt. We'll have a casing and cementing operation once that's completed followed by a little over 900 meters of horizontal drilling through the potential production zone, and that's with a 6-inch open hole. We'll do a casing and then part of the lower end completion is what's going to allow us to do the stimulation and flowback testing. So all of that, the lower completion section is designed to minimize the equipment footprint personnel costs and still have a highly successful stimulation program. But we will cement the bottom section. We will tie back casing to surface probably will not cement the tieback casing in at this time in case we need to make changes, we'll be able to pull that casing out as a whole. So that's the drilling operation in a nutshell once we're through the drilling and we have the lower section in place, then we'll begin a multi-stage stimulation and flowback program, which will take us probably through the end of the year. Right now, everything is contracted with the exception of the flowback and stimulation. And it's contract. I've got everything in place. What we're waiting on is to lock in equipment dates. As soon as that gets locked in, then I'm subject to cancellation causes and that's the only reason why I haven't given them firm hard dates yet, but we're looking late this summer that we should get that in. So as soon as we start the drilling operation, I will finalize the stimulation flowback and well testing contracts and get those put into place. were set through to the completion of this operation.

Thank you, [indiscernible]. So just to kind of recap what I said for some of us that maybe not understand it and that like Molly's done it. It's translate to -- it's exciting. It's very exciting. The operations we have in place. It's been a orchestrate getting the contractors in equipment in and we have a very robust group of subcontractors that have come on board with Zion over the last few years. And it's almost -- it's refreshing because we can have almost near a call-out service. Yes, it does take a month to get the as it does take this time to get it there, but we didn't have that luxury before. And I think with just the last operations proving up the play that we're entering. We have a lot of people that are devoted that come in Zions side in order to get the wells to surface to the Translation for 1 stuff is it's exciting times ahead. I'm glad to be part of it. It can have to be the guy at the helm of it. We're going to go ahead and off over to Mike Rowell, President and CEO, we will give you a quick update on the CFO side of it.

All shareholders this portion will be fairly brief. Let me just say this, we're very thankful for all our shareholders. All of the cash that we have comes from the drug stock purchase plan. And that's from you guys from those investing like 100% of what we are going, so we cannot do the work without you. We're very thankful for that. As of March of this year, we had about $10.7 million in the bank. Brad, if you want to switch. There you go. Thank you. So we have -- a year ago, we had about $5.1 million in the bank. We have approximately $10.7 million at the end of March of this year. So it's more than double a year ago. through March 31, 2025, we raised about $6 million. That number is $8 million for the first 3 months of this year. So about a 33% increase this year. all the numbers cash-wise are trending upward, a good thing. Thank you for that. We have a number of warrants in our 10-Q that we filed at the end of Q1 that we have a lot of options casualized to raise the funds that we need. So at a minimum, we'll have cash available through the end of next year. or so. Also, we -- our auditors, we've had the same audit firm since 2018. So this is going on 8 years with them. We are clean. We've had our on-time filings with them. which is good. Generally, in accounting, no news is good news. We like quiet. So I'm pleased to report that it's been quiet. I mentioned before active engagement with investors -- we have a lot of -- we have an excellent Investor Relations team led by [indiscernible], Claudia, some others that do a fantastic job with questions, sending out communications I'm just excited and thrilled with what the future holds for Zion. I think the future looks really, really bright. We have an amazing group here at [indiscernible]. So I want to thank you all for your participation in our prayers. We will continue to ask for repairs. We believe that God goes before us. We prayed it, you will direct us give us funds, the wisdom, favor. That's all I have. Thank you again. Thank you very much, Mike.

And then we have one more coming up. He is the conductor of the office. One thing that's great to have Jeff here stateside is, he hits to dispel the media. Everything we see in the news Jeff gets the state and put it actually what it's like being on the ground in Israel and and take away all this misconception of what we hyperinflate on the media side. So it's always a great honor to have Jeff come the [indiscernible] in Dallas, and we'll let him kind of give you a bit of a day in the life in Israel and what Jeff has been doing with the ministries and that in itself is a very difficult job. The dynamics of the ministries in Israel, changing rapidly this Jeff is instrumental in keeping that wheel going. So [indiscernible].

Thank you, Rob. We are in Texas. So thank you all. We're an Israeli-based company. And most importantly, I'd like to thank the shareholders because we're here on here because of you and your loyalty and devotion to this company for 20-odd years. And I want you all to know that does not go to not. We participate at the highest levels of the surety government to the lowest, if you want to say as such. And there is no one government authority that does not know and has astounded at our shareholders and their loyalty and continued devotion to Israel. So thank you again. As Rob mentioned, what is the situation in Israel, Don't believe everything you see on the news, take it with [indiscernible] the greatest defense that Israeli Society has is just the resilience, the enemy and we can go on and on. There are many of them out there. They would like the whole society to follow part chaos. We all go on our knees. Well, that's not happening and it's not going to happen. In fact, the opposite is happening because it's really society pulls up their sleeve and they say, "We're going to survive this. We're most important, I think, for our operations is that we continue on. Life continues on. You heard from Monty, all the challenges to put it is an understatement, but life continues on specifically for our operations, there are roadblocks what does [indiscernible] do? We do a detour. We find a difficult way to get through. And there are many challenges. We're not going to sweep under the rug or any challenges, but fact is you heard from on exactly where we are or where we want it to be. And notwithstanding all those challenges. If you were talking about our part in Israeli office also -- one of the things is dealing with this rally authorities. Again, I'm not going to sweep it [indiscernible] we're not in Kansas. There are challenges. But the fact is, is that today, we're here with all our permits. It's been an ongoing process for this operation for the last 12 months. And many of the authorities have been very helpful, have understood with exactly where we are in the situation, and they've been accommodating. Specifically, with regard to our license, the Medial Valleys, 434 license. We had an existing 3-year license which terminates in -- because the way it works in Israel is it's a -- it's a 3-year license which we received in 2023 and then a 4-year license extensions. So we received the license extension from the Commissioner of Petroleum Affairs just a week or 2 ago, and we now -- our license has been extended to the 13th of September 2027. Thank you. Thank you very much, Jeff.

[indiscernible] Jeff, you kind of toned it down a little bit, but really, the reality is -- he spends a vast majority of his time in Jerusalem with the Ministry of Energy, Ministry of Economy, supervisory committees that conclude teams and more jobs. These are all very dynamic players in the area that we're at. We're not afforded the luxury like we do North America [indiscernible]. You have a railway commission here, you can pull permits other than it's kind of done instantaneous -- it's a lot of our methodical meetings, et cetera, with the governing bodies. And if there's anything that he can remember John by his steadfast vision to look forward on this because it's a difficult environment to work in on the regulatory side. But John showed that put your trust in the or, put your fit to what you're doing and you'll go for. And that's the one thing that we're not deviating from. We're never going to do that. John spent a lot of years setting up foundational things within Israel within the ministries with this that, and it's been an honor to see the tenacity and drive that John had to see an individual that the never had fear when it came to certain things. And Scott had his back and he's definitely had a lot of wind [indiscernible]. So [indiscernible] has left a tremendous footprint on us within the office design family and then our Zio family, the 47,000-plus shareholders out there, and we're going to do everything to continue to move forward. That's John's vision and that's our vision Ziad we look forward to being able to be able to celebrate together as a family later this year with some of the stuff we're doing in Israel. So that being said, I don't really have much more to add other than, like Mike said, and various other people have said that it's shareholders like yourselves that allowed us to go forward and it's not your typical operating environment, I wouldn't change it for the world because I have 47,000 people behind me pushing us forward as an organization and 47,000-plus shareholders that pay for our guys on the ground -- you think of the miracles that we've gone through as an organization through COVID shutdowns, purchasing a drilling rig, everything conflicts that we've seen last flights in country it's a miracle. And it's a miracle driven by all being able to support the operations and us moving forward. So I can't thank everybody enough. And it's special people like yourselves that allow us to fulfill the vision as high oil and gas. So thank you very much, on that side. We'll go ahead and some Q&A. I think there's a few Q&A

I want to ask, how long will it take [indiscernible] results to simulation? And second part, then any amount of fluid hydrocarbons come up and what was the color.

Good questions. The stimulation part, it's fairly fairly rapid on what we'll see on it. It is a pretty complex operation that we're doing with different stages within this. So I'm not going to commit the time line or exact results from each zone because we are doing different technology on this with sliding sleeves, et cetera. And then in regards to the flu accomplishment that Dr. Russell brought up, it's a condensate and we know the breakdown that we received from the assay to give you an that color of it. I really can't give you a color other than what the binary result of that compression probably in the light to TAM on the compensation side of it. So -- good questions. When do we expect the NOG will go to the Texas Stock Exchange. You know that's 1 of the beautiful things being in the Texas Corporation now from Delaware to Texas. It's a great opportunity for us as an organization and use shareholders because we pick the right state. When we get the ticker symbol I think it's in June or July or this year, Texas Exchange [indiscernible], is that correct? So the Texas exchange will be in July, and it's up to results and shareholders' fashion and drive get us on the Texas Exchange. And the minute we hit that benchmark to get on the exchange, Dallas, Fort Worth, [indiscernible], Austin, Houston, all the big metroplexes are going to know that COGs on the exchange in Texas and I'll probably wear a coldwato Earth I don't start you -- that is something that we look forward to doing a rewarding everybody that we've had supporting us. you have the time frame? Those parameters [indiscernible]

Historically, there have been concerns and you commented on sort of previous meetings about possibilities in the past stock manipulation and more so issues with lawsuits in the past, SEC, et cetera, things like that. current stands on things and will possibly be making [indiscernible] things in the future. that's really -- it's an observant and educated question, and I have to flow the individual that brought that up. One of the things that we saw adamantly defended this organization with the malicious attacks from shorts, et cetera. What I did is exposed. It's a cottage industry that's out there that we're not just isolated as an organization. There are several other companies that have been attacked by that. And it's -- it's not for the shareholders, it's not fair at the people that put the blood and sweat in the organization to have a Q4 and you're going to have people that always have interests that are not aligned with moral compasses, right? And 1 of the things that we've done is we've dispelled these rumors. We had countless court hours, we had countless interviews with the SEC, and there's so much regulatory work and stuff that we have bid by with the governing bodies for a public company, it's for us to protect the shareholders for us to protect the organization for us to be the fiduciaries of the company and when you have malicious attacks like that, it really is damaging the shareholders and it's damaging the operations and the fundamental purchase of why we're here to fulfill a vision and and be an onshore oil and gas company in Israel. It's a difficult environment to work and we're up for the challenge because it's got chose land, and we're going to go ahead and thrill the vision. But -- with regards to the malicious attacks, we're going to get it. I mean, we're a special kind of company and when you're conservative, you're faith-based, you're a prime target for a lot of this stuff. And I think people can relate with certain elements in the media. But rest assured that we know who has our back. And everything is above board with the organization, and I'm just glad that we're -- we have so much support from our shareholders. I mean, that's what really gets us through some of these dark times, right?

So thank you very much. That's a good question. Any interest or a possibility in the near future designing to drilling wells in the U.S. or Texas support the case in Israel. It's too easy. It's too easy [indiscernible]. And that's not what we -- our primary -- our focus is data Israel. And we're on a vision and a mission for It'd be really easy for us to do it well in Texas. But I think with what we see in the challenges and the relations that we go through is really it's going to be very rewarding in the end. And I think that's the most important thing is there's time involved in it. There struggles involved in it. But when you get past that finish line and we -- we start off production as an organization here. It's going to put a lot of wind in our sale and then we're going to move forward further onshore in Israel. And that's the biggest thing is to get us over that line because once we're past that line, we're going to be running, and it will be in Israel. We have another question. This is more on technical industrial side of things. I understand why we're waiting to case the horizontal area, but it does sound pretty high on stimulation or at stimulation and the stimulation being a bulk area sounds risky. So what can we do to reassure shareholders about those risks? Are they actually considered? 100%. We work with several third-party organizations that come up with our completions plan. They're engaged with our G&G team. Dr. Russell works with these guys on the seismic interpretation and we know that there are certain areas that are fairly active in the area of the Rosins a prepared migrating shale. We're avoiding a lot of the hazard. You're going to have minimal subsurface hazards in the location that we picked and the structure we're in. One of the structure we're in is our primary target now, and it had the most beneficial loss that we've seen and then obviously, the samples that we sent for assay, we do have a region that is as fall blocks deltas in it. And one of the beautiful benefits of having the 3D data set that we have is that gives us the ability to mitigate subsurface hazards and stay outside the vaults that we see -- we have small faults here, small falter, but catastrophic major faults, we're not going to play around. That's not our business. We're going to monopolize on the faults that we have in place that are within our scope of work that we can maximize for our potential avenue for depart to come up. short Q&A. You know what? We got 1 more good one. How much oil is actually down there -- that's -- the purpose of that, but it's good to put me on the spot. I like that. We come up with a number, you know what's going to happen. -- so I'm not going to come up with a number, but it's enough to make [indiscernible] smile, and we get stuff going. [indiscernible] proof of concept. It's for us to get the onshore show is going. And from there, we can start maximizing the opportunities that we have. We have a tremendous inventory that we've located within our data set and -- we're not going to go small and I've got to say with Mr. Brown on a daily basis has come off is every day. And he had divisions. He had the dreams and I don't think you could call in dreams. I think you can call that he saw the oil before we saw the well baked the challenge someone where John is not around to see the oil. That's not correct saving. John saw the oil before we saw the that. It was enough to make them small and it's enough to keep them in my office engaged to having a couple of cups of coffee. So it was an honor of my career so far in 30 years to have a gentleman in my office and on a daily basis, it was great. So that was the most politician way to get around the question, but no, I'm not going for office. That being said, we don't really have too much more and there's more questions coming across. I just once again thank the support the tremendous shareholder base we have and having the vision being part of the vision, being part of the Zion family and putting your trust in us and understanding that where we're operating is a beautiful and tremendous area, but also a challenging area and its supporters like your sales that keep our operations going. We're an unconventional oil company working in an unconventional area and our unconventional circumstances. You as believers and followers and shareholders that we have are are really what drive us forward. It keeps our on the right direction or eyes, what is the right direction. Thank you very much. This concludes the management portion of the presentation and there's nothing else I'd like to go ahead and adjourn today's meeting.