Middle East Economic Survey


No 18



Zion Rights Offer To Fund Drilling Plans

Zion Oil and Gas has said that it will be launching a rights offering which it hopes will raise some $46mn in proceeds if fully subscribed. The proceeds will be used to purchase a 51% interest in its recently announced joint venture Zion Drilling Inc, as well as fund the drilling of deep exploration wells on its two Israeli licenses and other corporate purposes. If the rights are oversubscribed,...