The license covers an area of about 83,272 acres on the Israeli coastal plain south of the Asher-Menashe license between Caesarea in the north and Netanya in the south.
Zion’s Joseph license had an initial three-year term, which began on 11 October 2007, and was extended by one year, until 11 October 2011.
The term of the license has now been extended until 10 October 2012, and Zion said the license may be extended for additional one-year periods up to 10 October 2014.
According to the company, the license extension carries a commitment to acquire additional seismic data and to drill a new well in the license area (or re-enter an existing well) no later than 1 October 2012.
