Zion Oil & Gas signs Purchase and Sale Agreement for drilling rig, drill pipe, and related equipment.
International Resource News-March 19, 2020--Zion Oil & Gas signs Purchase and Sale Agreement for drilling rig, drill pipe, and related equipment
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International Resource News - 19 March 2020
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Zion Oil & Gas Inc. (Nasdaq: ZN) , a company that explores for oil and gas onshore in Israel, has signed a Purchase and Sale Agreement for a drilling rig, drill pipe, and related equipment on March 12, 2020.
The deal is valued at USD5.6m in cash. The company paid the seller USD4.6m in cash and remitted the remaining USD1m in cash to an escrow agent to be held pending completion of acceptance testing of the rig upon its arrival in Israel.
The rig is a 1600bhp AC Top Drive...
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