2024 Q1 Form 10-K Financial Statement

#000121390024024404 Filed on March 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.774M $1.736M $7.820M
YoY Change -14.96% -25.75% -16.23%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $192.0K $167.0K $767.0K
YoY Change -4.0% -16.92% -3.4%
% of Gross Profit
Operating Expenses $1.774M $1.736M $7.820M
YoY Change -14.96% -25.75% -16.23%
Operating Profit -$1.774M -$7.955M
YoY Change -16.75% -85.52%
Interest Expense $12.00K $1.000K -$2.000K
YoY Change -300.0% -92.31% -94.12%
% of Operating Profit
Other Income/Expense, Net -$9.000K $2.000K
YoY Change 50.0% -105.88%
Pretax Income -$1.762M -$1.741M -$7.957M
YoY Change -17.63% -96.37% -85.55%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.800M -$1.741M -$8.000M
YoY Change -15.85% -96.37% -85.47%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 676.0M shares 605.3M shares 568.4M shares
Diluted Shares Outstanding 667.0K shares 568.4M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.115M $615.0K $615.0K
YoY Change 39.55% -64.55% -64.55%
Cash & Equivalents $1.115M $615.0K $615.0K
Short-Term Investments
Other Short-Term Assets $1.446M $1.535M
YoY Change 832.9% -37.65%
Inventory
Prepaid Expenses
Receivables
Other Receivables $445.0K $123.0K
Total Short-Term Assets $3.033M $2.291M $2.291M
YoY Change -0.88% -50.27% -50.27%
LONG-TERM ASSETS
Property, Plant & Equipment $5.394M $5.584M $22.42M
YoY Change 5188.24% 4885.71% -0.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $489.0K $475.0K $475.0K
YoY Change 15.06% 12.03% 12.03%
Total Long-Term Assets $23.78M $22.89M $22.89M
YoY Change 4.31% -0.08% -0.08%
TOTAL ASSETS
Total Short-Term Assets $3.033M $2.291M $2.291M
Total Long-Term Assets $23.78M $22.89M $22.89M
Total Assets $26.82M $25.18M $25.18M
YoY Change 3.7% -8.48% -8.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $674.0K $777.0K $777.0K
YoY Change -66.58% -63.81% -63.81%
Accrued Expenses $617.0K $693.0K $324.0K
YoY Change 24.65% -32.85% -27.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.474M $2.640M $2.640M
YoY Change -22.88% -33.1% -33.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.214M $523.0K $523.0K
YoY Change 156.66% 11.51% 11.51%
Total Long-Term Liabilities $1.214M $523.0K $523.0K
YoY Change 156.66% 11.51% 11.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.474M $2.640M $2.640M
Total Long-Term Liabilities $1.214M $523.0K $523.0K
Total Liabilities $3.688M $3.163M $3.163M
YoY Change 0.19% -28.36% -28.36%
SHAREHOLDERS EQUITY
Retained Earnings -$288.0M -$286.6M
YoY Change 2.59% 2.87%
Common Stock $311.4M $308.6M
YoY Change 2.82% 2.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.13M $22.02M $22.02M
YoY Change
Total Liabilities & Shareholders Equity $26.82M $25.18M $25.18M
YoY Change 3.7% -8.48% -8.48%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.800M -$1.741M -$8.000M
YoY Change -15.85% -96.37% -85.47%
Depreciation, Depletion And Amortization $192.0K $167.0K $767.0K
YoY Change -4.0% -16.92% -3.4%
Cash From Operating Activities -$2.003M -$1.223M -$5.133M
YoY Change 118.43% 24.16% -10.01%
INVESTING ACTIVITIES
Capital Expenditures $7.000K $1.000K $1.000K
YoY Change -96.3% -94.12%
Acquisitions
YoY Change
Other Investing Activities -$317.0K -$303.0K -$2.353M
YoY Change -62.17% -89.58% -85.15%
Cash From Investing Activities -$324.0K -$304.0K -$2.354M
YoY Change -61.34% -89.64% -85.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.838M 1.638M $6.008M
YoY Change 254.75% -38.42% -68.6%
NET CHANGE
Cash From Operating Activities -$2.003M -1.223M -$5.133M
Cash From Investing Activities -$324.0K -304.0K -$2.354M
Cash From Financing Activities $2.838M 1.638M $6.008M
Net Change In Cash $511.0K 111.0K -$1.479M
YoY Change -153.51% -108.82% -47.89%
FREE CASH FLOW
Cash From Operating Activities -$2.003M -$1.223M -$5.133M
Capital Expenditures $7.000K $1.000K $1.000K
Free Cash Flow -$2.010M -$1.224M -$5.134M
YoY Change 119.19% 20.95% -10.26%

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2353000 usd
CY2022 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
15850000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2354000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-16267000 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
12000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4000 usd
CY2023 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
953000 usd
CY2023 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
6949000 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
19129000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6008000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19133000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1479000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-2838000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3114000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5952000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1635000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3114000 usd
CY2023 znogw Unpaid Investments In Oil Gas Properties
UnpaidInvestmentsInOilGasProperties
670000 usd
CY2022 znogw Unpaid Investments In Oil Gas Properties
UnpaidInvestmentsInOilGasProperties
2151000 usd
CY2023 znogw Depreciation Of Oil And Gas Equipment
DepreciationOfOilAndGasEquipment
32000 usd
CY2022 znogw Cost Of Options Capitalized To Oil Gas Properties
CostOfOptionsCapitalizedToOilGasProperties
17000 usd
CY2023 znogw Unpaid Costs Of Issuance During2023
UnpaidCostsOfIssuanceDuring2023
167000 usd
CY2023 znogw Addition Of Right Of Use Lease Assets And Lease Obligations
AdditionOfRightOfUseLeaseAssetsAndLeaseObligations
252000 usd
CY2022 znogw Addition Of Right Of Use Lease Assets And Lease Obligations
AdditionOfRightOfUseLeaseAssetsAndLeaseObligations
136000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
615000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1735000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1020000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1379000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1635000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3114000 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - Nature of Operations and Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A. Nature of Operations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zion Oil &amp; Gas, Inc., a Delaware corporation (“we,” “our,” “Zion” or the “Company”) is an oil and gas exploration company with a history of 24 years of oil &amp; gas exploration in Israel. As of December 31, 2023, the Company has no revenues from its oil and gas operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zion maintains its corporate headquarters in Dallas, Texas. The Company also has branch offices in Caesarea, Israel and Geneva, Switzerland. The purpose of the Israel branch is to support the Company’s operations in Israel, and the purpose of the Switzerland branch is to operate a foreign treasury center for the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 24, 2020, Zion incorporated a wholly owned subsidiary, Zion Drilling, Inc., a Delaware corporation, for the purpose of owning a drilling rig, related equipment and spare parts, and on January 31, 2020, Zion incorporated another wholly owned subsidiary, Zion Drilling Services, Inc., a Delaware corporation, to act as the contractor providing such drilling services. When Zion is not using the rig for its own exploration activities, Zion Drilling Services may contract with other operators in Israel to provide drilling services at market rates then in effect.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zion has the trademark “ZION DRILLING” filed with the United States Patent and Trademark Office. Zion has the trademark filed with the World Intellectual Property Organization in Geneva, Switzerland, pursuant to the Madrid Agreement and Protocol. In addition, Zion has the trademark filed with the Israeli Trademark Office in Israel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Exploration Rights/Exploration Activities</span></b>  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Megiddo Valleys License 434 (“NMVL 434”)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New Megiddo License 428 (“NML 428”) was initially awarded on December 3, 2020 for a six-month term and was extended several times before expiring on February 1, 2023. Zion Oil &amp; Gas, Inc. filed an amended application with the Israel Ministry of Energy for a new exploratory license on January 24, 2023 covering the same area as its License No. 428, which expired on February 1, 2023. However, its original application to replace License No. 428 was filed on May 11, 2022, and a revised application was filed on August 29, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 14, 2023, the Israel Ministry of Energy approved a new Megiddo Valleys License 434 (“NMVL 434”), allowing for oil and gas exploration on approximately 75,000 acres or 302 square kilometers. This Exploration License 434 is valid for three years until September 13, 2026 with four potential 1-year extensions for a total of seven years until September 13, 2030. This NMVL 434 effectively supersedes our previous NML 428.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We continue our exploration focus here based on our studies as it appears to possess the key geologic ingredients of an active petroleum system with significant exploration potential. As previously announced, Zion is deploying new technologies and stimulation methods for its planned re-entry into the MJ-01 well with the objective of potentially unlocking hydrocarbon flows in several identified key zones. Zion has begun tendering service contractors and ancillary items required for efficient operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 6, 2023, the Israeli Ministry of Energy formally approved a detailed, industry-specific operational framework for the planned re-entry, production tests, and recompletion of the MJ-01 well. The submission of this work plan is a requirement under Israeli law. With the work plan approved, Zion was able to proceed with convening the required Supervisory Committee meeting. This Committee, consisting of a fifteen-member panel, is tasked with reviewing and endorsing the work plan. It also ensures that our planned operations have sufficiently mitigated potential impacts on the land, local roads, surrounding land uses, available water resources, and addressed other environmental and safety concerns. Under Israeli law, the Supervisory Committee is comprised of representatives from the Ministries of Energy, Water, and Environment, and representatives from the local Spring Valley County Council, as well as from the surrounding kibbutzim of Sde Eliyahu (where the rig site is located) and Tirat Zvi (adjacent to Zion’s rig site). Due to the ongoing war between Israel and Hamas, scheduling a meeting with such a large Committee became more complex, as it required finding a date and time suitable for all members.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 21, 2024, members of the Supervisory Committee visited our rig site. During this visit, they interacted with staff from Zion Oil &amp; Gas, and our consultants and potential service providers. Some of these interactions occurred at Kibbutz Sde Eliyahu, while others were conducted through video conferencing with participants from the United States, Europe and the Middle East. Following these discussions, the Committee has officially accepted our work plan for the MJ-01 project. This acceptance allows us to sign agreements and secure mobilization dates with our service providers required to commence and complete the project.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023, the Company recorded $ <span style="-sec-ix-hidden: hidden-fact-30">nil</span> in non-cash impairment charges to its unproved oil and gas properties. During the year ended December 31, 2022, the Company recorded a non-cash impairment charge of $45,615,000 to its unproved oil and gas properties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2023, the Company recorded a non-cash post-impairment charge to its unproved oil and gas properties of $135,000. During the year ended December 31, 2022, the Company did not record any post-impairment charges. (see Note 4).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Zion’s Former Asher-Menashe License</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zion plugged the exploratory well on its former Asher-Menashe License area, the reserve pit has been evacuated, and during the year 2019, Zion completed the abandonment of this well site in accordance with guidance from the Energy Ministry, Environmental Ministry and local officials (see Note 9C).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Zion’s Former Joseph License</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zion has plugged all of its exploratory wells on its former Joseph License area, and the reserve pits have been evacuated, but acknowledges its obligation to complete the abandonment of these well sites in accordance with guidance from the Energy Ministry, Environmental Ministry and local officials (see Note 9C).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Uncertainty Due to the Russia – Ukraine War</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to Russia’s invasion of Ukraine, which began in February 2022, and the resulting sanctions and other actions against Russia and Belarus, there has been uncertainty and disruption in the global economy. Although the Russian war against Ukraine did not have a material adverse impact on the Company’s financial results for the year ended December 31, 2023, at this time the Company is unable to fully assess the aggregate impact the Russian war against Ukraine will have on its business due to various uncertainties, which include, but are not limited to, the duration of the war, the war’s effect on the global economy, future energy pricing, its impact to the businesses of the Company’s, and actions that may be taken by governmental authorities related to the war.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>Israel-Hamas War</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 7, 2023, Hamas, a militant terrorist organization in Gaza, infiltrated southern Israel, killing and injuring at least one thousand Israeli citizens. Roughly 250 Israeli hostages were then taken back to Gaza. This unprovoked attack led the nation of Israel to declare war on Hamas approximately one week later. As of the date of this report, Israel remains at war and there are daily battles inside the Gaza strip. Israel’s stated goals are to completely dismantle the terror infrastructure of Gaza, including its extensive tunnel network and to bring back safely all of the hostages.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is uncertainty as to how long the war inside the Gaza strip will last. While we acknowledge that uncertainty, the Company is moving forward with its planning and logistics activities. We are working with our international service providers on projected availability timelines and other details. All of these key vendors have expressed willingness to assist Zion in its exploration activities. It is important to note that Zion’s license area is not located near any current combat zones.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19 Update</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The continuing COVID-19 global pandemic has caused significant disruption to the economy and financial markets globally, and the full extent of the potential impacts of COVID-19 are not yet fully known. Circumstances caused by the COVID-19 pandemic are complex, and uncertain. The impact of COVID-19 has not been significant to the Company’s results of operations, financial condition, and liquidity and capital resources. Although no material impairment or other effects have been identified to date, there is substantial uncertainty in the nature and degree of its continued effects over time. That uncertainty affects management’s accounting estimates and assumptions, which could result in greater variability in a variety of areas that depend on these estimates and assumptions as additional events and information become known. The Company will continue to consider the potential impact of the COVID-19 pandemic on its business operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B. Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company incurs cash outflows from operations, and all exploration activities and overhead expenses to date have been financed by way of equity or debt financing. The recoverability of the costs incurred to date is uncertain and dependent upon achieving significant commercial production of hydrocarbons. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s ability to continue as a going concern is dependent upon obtaining the necessary financing to undertake further exploration and development activities and ultimately generating profitable operations from its oil and natural gas interests in the future. The Company’s current operations are dependent upon the adequacy of its current assets to meet its current expenditure requirements and the accuracy of management’s estimates of those requirements. Should those estimates be materially incorrect, the Company’s ability to continue as a going concern may be in doubt. The consolidated financial statements have been prepared on a going concern basis, which contemplates realization of assets and liquidation of liabilities in the ordinary course of business. During the year ended December 31, 2023, the Company incurred a net loss of approximately $8.0 million and had an accumulated deficit of approximately $286.6 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the financials were issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To carry out planned operations, the Company must raise additional funds through additional equity and/or debt issuances or through profitable operations. There can be no assurance that this capital or positive operational income will be available to the Company, and if it is not, the Company may be forced to curtail or cease exploration and development activities. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty (see also Note 11).</span></p>
CY2023Q3 us-gaap Area Of Land
AreaOfLand
75000 acre
CY2023Q3 us-gaap Area Of Land
AreaOfLand
302 sqkm
CY2022 znogw Noncash Impairment Charges
NoncashImpairmentCharges
45615000 usd
CY2023 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
135000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-8000000 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-286600000 usd
CY2022 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
45615000 usd
CY2023 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
135000 usd
CY2023 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
16637000 usd
CY2022 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
15889000 usd
CY2023 znogw Depreciation Expense
DepreciationExpense
799000 usd
CY2022 us-gaap Depreciation
Depreciation
794000 usd
CY2023Q4 us-gaap Inventory Drilling Noncurrent
InventoryDrillingNoncurrent
5600000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
540000 usd
CY2023Q4 us-gaap Production Costs Cumulative
ProductionCostsCumulative
2538000 usd
CY2022Q4 us-gaap Production Costs Cumulative
ProductionCostsCumulative
2362000 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G. Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of expenses. Such estimates include the valuation of unproved oil and gas properties, deferred tax assets, asset retirement obligations, borrowing rate of interest consideration for leases accounting and legal contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity, foreign currency, and energy markets have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full extent to which the COVID-19 pandemic may directly or indirectly impact our business, results of operations and financial condition, will depend on future developments that are uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international markets. We have made estimates of the impact of COVID-19 within our consolidated financial statements, and although there is currently no major impact, there may be changes to those estimates in future periods. We have made the same estimates as to the potential impact the Israel-Hamas war may have on our operations. Actual results may differ from these estimates.</p>
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.50 pure
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27086250 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29697020 shares
CY2023Q4 us-gaap Shares Held In Employee Stock Option Plan Suspense Shares
SharesHeldInEmployeeStockOptionPlanSuspenseShares
17758292 shares
CY2023 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
28035569 shares
CY2023Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
48000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6834000 usd
CY2022 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
400000 usd
CY2022Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
751000 usd
CY2022 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
202000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6281000 usd
CY2023Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
760000 usd
CY2023 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
11000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5510000 usd
CY2023 us-gaap Severance Costs1
SeveranceCosts1
499000 usd
CY2022 us-gaap Severance Costs1
SeveranceCosts1
457000 usd
CY2023Q4 us-gaap Deposits
Deposits
475000 usd
CY2022Q4 us-gaap Deposits
Deposits
424000 usd
CY2023Q4 us-gaap Exploration Costs Cumulative
ExplorationCostsCumulative
2444000 usd
CY2022Q4 us-gaap Exploration Costs Cumulative
ExplorationCostsCumulative
2342000 usd
CY2023Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
1418000 usd
CY2022Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
1418000 usd
CY2023Q4 us-gaap Acquisition Costs Cumulative
AcquisitionCostsCumulative
10198000 usd
CY2022Q4 us-gaap Acquisition Costs Cumulative
AcquisitionCostsCumulative
9728000 usd
CY2023Q4 us-gaap Other Oil And Gas Property Successful Effort Method
OtherOilAndGasPropertySuccessfulEffortMethod
39000 usd
CY2022Q4 us-gaap Other Oil And Gas Property Successful Effort Method
OtherOilAndGasPropertySuccessfulEffortMethod
39000 usd
CY2023Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
16637000 usd
CY2022Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
15889000 usd
CY2023 znogw Drilling Costs And Other Operational Related Costsimpairmentofunprovedoilandgasproperties
DrillingCostsAndOtherOperationalRelatedCostsimpairmentofunprovedoilandgasproperties
75000 usd
CY2022 znogw Drilling Costs And Other Operational Related Costsimpairmentofunprovedoilandgasproperties
DrillingCostsAndOtherOperationalRelatedCostsimpairmentofunprovedoilandgasproperties
41430000 usd
CY2023 znogw Legal And Seismic Costs License Fees And Other Preparation Costs
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCosts
60000 usd
CY2022 znogw Legal And Seismic Costs License Fees And Other Preparation Costs
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCosts
4185000 usd
CY2023 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
135000 usd
CY2022 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
45615000 usd
CY2023 us-gaap Production Costs
ProductionCosts
251000 usd
CY2022 us-gaap Production Costs
ProductionCosts
11717000 usd
CY2023 us-gaap Exploration Costs
ExplorationCosts
102000 usd
CY2022 us-gaap Exploration Costs
ExplorationCosts
184000 usd
CY2023 us-gaap Acquisition Costs
AcquisitionCosts
530000 usd
CY2022 us-gaap Acquisition Costs
AcquisitionCosts
2653000 usd
CY2023 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
135000 usd
CY2022 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
45615000 usd
CY2023 znogw Change Unproved Oil And Gas Properties
ChangeUnprovedOilAndGasProperties
748000 usd
CY2022 znogw Change Unproved Oil And Gas Properties
ChangeUnprovedOilAndGasProperties
-31061000 usd
CY2023 znogw Inclusive Non Cash Amount
InclusiveNonCashAmount
670000 usd
CY2022 znogw Inclusive Non Cash Amount
InclusiveNonCashAmount
2168000 usd
CY2022Q4 znogw Drilling Provisions Accrued Liabilities
DrillingProvisionsAccruedLiabilities
495000 usd
CY2023Q3 znogw Exercise Price Per Share
ExercisePricePerShare
0.05
CY2023 znogw Termination Expiration One Description
TerminationExpirationOneDescription
the Company extended the termination date of the ZNWAQ warrant from July 15, 2023 to September 6, 2023
CY2022Q1 znogw Extended Termination Term
ExtendedTerminationTerm
P1Y
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
320000 usd
CY2023Q4 us-gaap Purchase Obligation
PurchaseObligation
250 usd
CY2021Q2 znogw Exercise Price Per Share
ExercisePricePerShare
0.25
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.25
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
328000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
250000 usd
CY2023Q4 znogw Audit And Legal Costs
AuditAndLegalCosts
157000 usd
CY2022Q4 znogw Audit And Legal Costs
AuditAndLegalCosts
168000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
208000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
119000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
693000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1032000 usd
CY2023Q4 us-gaap Deferred Compensation Arrangement With Individual Cash Award Granted Amount
DeferredCompensationArrangementWithIndividualCashAwardGrantedAmount
9000 usd
CY2023Q4 us-gaap Share Price
SharePrice
0.01
CY2023 znogw Share Based Compensation Arrangement By Sharebased Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
436000 usd
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
56783270 shares
CY2023 znogw Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePrice
0.38
CY2023Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
63788270 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9741750 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.64
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
17853000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.14
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
828500 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.06
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
375000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.01
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
63788270 usd
CY2023 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
844000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
61625387 usd
CY2022 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
493000 shares
CY2022Q2 znogw Exercise Price Per Share
ExercisePricePerShare
0.25
CY2022Q1 srt Future Net Cash Flows Relating To Proved Oil And Gas Reserves Cash Inflows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows
365000 usd
CY2022Q2 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
InterestRateCashFlowHedgeDerivativeAtFairValueNet
365000 usd
CY2023Q4 us-gaap Termination Loans
TerminationLoans
7500000 usd
CY2023 znogw Investments Per Unit
InvestmentsPerUnit
50
CY2022 znogw Number Of Warrants Purchase Units
NumberOfWarrantsPurchaseUnits
-250 shares
CY2023 znogw Number Of Warrants Purchase Units
NumberOfWarrantsPurchaseUnits
-500 shares
CY2023 znogw Number Of Days Required To Receive Warrant
NumberOfDaysRequiredToReceiveWarrant
P90Y
CY2023 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
50 usd
CY2023Q4 us-gaap Investment Restricted Per Unit
InvestmentRestrictedPerUnit
50
CY2023 znogw Additional Warrants
AdditionalWarrants
300 shares
CY2023Q4 us-gaap Derivative Foreign Currency Option Strike Price
DerivativeForeignCurrencyOptionStrikePrice
250
CY2023 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.25
CY2023Q4 znogw Exercise Price Per Share
ExercisePricePerShare
0.25
CY2023 us-gaap Dividends Common Stock Paidinkind
DividendsCommonStockPaidinkind
250 usd
CY2023Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
1 shares
CY2023Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
50
CY2023 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
250 usd
CY2023Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.25
CY2023 us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
6949000 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
19129000 usd
CY2023 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
6949000 usd
CY2023 znogw Equity Issuance Costs
EquityIssuanceCosts
1120000 usd
CY2023 us-gaap Investment Company Committed Capital
InvestmentCompanyCommittedCapital
2052000 usd
CY2018Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2018Q2 znogw Subscription Price
SubscriptionPrice
5
CY2018Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3
CY2018Q4 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P1Y
CY2019Q2 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P1Y
CY2020Q3 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P2Y
CY2023 znogw Number Of Share Owned
NumberOfShareOwned
10 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
35234137 shares
CY2023 znogw Warrants Issued
WarrantsIssued
1477250 shares
CY2023 znogw Class Of Warrants Exercised
ClassOfWarrantsExercised
-790905 shares
CY2023 znogw Class Of Warrants Expired
ClassOfWarrantsExpired
-6223462 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
29697020 shares
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
58977000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
57521000 usd
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3869000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3612000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
62846000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
61133000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043 pure
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
59036000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
57448000 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3810000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3685000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
153000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
101000 usd
CY2023Q4 znogw Deferred Tax Liabilities Others
DeferredTaxLiabilitiesOthers
-469000 usd
CY2022Q4 znogw Deferred Tax Liabilities Others
DeferredTaxLiabilitiesOthers
-449000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Deferred Expense Other Capitalized Costs
DeferredTaxLiabilitiesDeferredExpenseOtherCapitalizedCosts
3494000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Other Capitalized Costs
DeferredTaxLiabilitiesDeferredExpenseOtherCapitalizedCosts
3337000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
3810000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
3685000 usd
CY2023Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
280842748 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.05 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.05 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.80 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Other
EffectiveIncomeTaxRateReconciliationTaxSettlementsOther
1 pure
CY2023 znogw Pretax Loss As Reported
PretaxLossAsReported
-7957000 usd
CY2022 znogw Pretax Loss As Reported
PretaxLossAsReported
-55077000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 znogw Income Tax Reconciliation Income Tax Expenses Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpensesBenefitAtFederalStatutoryIncomeTaxRate
-1671000 usd
CY2022 znogw Income Tax Reconciliation Income Tax Expenses Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpensesBenefitAtFederalStatutoryIncomeTaxRate
-11566000 usd
CY2023 znogw Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
2000 usd
CY2023 znogw Income Tax Reconciliation Change In Valuation Allowance
IncomeTaxReconciliationChangeInValuationAllowance
1669000 usd
CY2022 znogw Income Tax Reconciliation Change In Valuation Allowance
IncomeTaxReconciliationChangeInValuationAllowance
11556000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
194000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
202000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
167000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
196000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
24000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
191000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
208000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y2M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M24D
CY2022 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
184000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
196000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
191000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
293000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
274000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
269000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
285000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
571000 usd
CY2022Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
571000 usd
CY2021Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
571000 usd
CY2023Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
571000 usd
CY2022Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
571000 usd
CY2023 znogw Charitable Contribution Percentage To Individual Charity
CharitableContributionPercentageToIndividualCharity
0.03 pure
CY2023 znogw Charitable Contribution Percentage To Charities Aggregate
CharitableContributionPercentageToCharitiesAggregate
0.06 pure
CY2023Q4 us-gaap Advance Rent
AdvanceRent
7677.25 usd
CY2023Q4 us-gaap Cost Maintenance
CostMaintenance
2917.36 usd
CY2023Q4 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
1593.94 usd
CY2023Q4 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
1703.62 usd
CY2023 us-gaap Payments For Rent
PaymentsForRent
46500 ils
CY2023 us-gaap Payments For Rent
PaymentsForRent
12800 usd
CY2023 znogw Sublease Rental Cost Approved By Sub Lessor
SubleaseRentalCostApprovedBySubLessor
400000 usd
CY2022 znogw Sublease Rental Cost Approved By Sub Lessor
SubleaseRentalCostApprovedBySubLessor
400000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
181000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
5000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
5000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
191000 usd
CY2023Q4 us-gaap Loss Contingency Accrual Insurance Related Assessment Premium Tax Offset
LossContingencyAccrualInsuranceRelatedAssessmentPremiumTaxOffset
441598 usd
CY2023Q4 us-gaap Payments For Reinsurance
PaymentsForReinsurance
68733 usd
CY2023Q4 znogw Insurance Financing Balances
InsuranceFinancingBalances
432000 usd
CY2023 znogw Noncash Impairment Charges
NoncashImpairmentCharges
usd
CY2023 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
usd
CY2023 znogw Capitalized Salary Costsimpairmentofunprovedoilandgasproperties
CapitalizedSalaryCostsimpairmentofunprovedoilandgasproperties
usd
CY2022 znogw Capitalized Salary Costsimpairmentofunprovedoilandgasproperties
CapitalizedSalaryCostsimpairmentofunprovedoilandgasproperties
usd
CY2023 znogw Capitalized Interest Costsimpairmentofunprovedoilandgasproperties
CapitalizedInterestCostsimpairmentofunprovedoilandgasproperties
usd
CY2022 znogw Capitalized Interest Costsimpairmentofunprovedoilandgasproperties
CapitalizedInterestCostsimpairmentofunprovedoilandgasproperties
usd
CY2023 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
usd
CY2022Q4 znogw Insurance Financing Balances
InsuranceFinancingBalances
372000 usd
CY2023Q4 znogw Bank Guarantees To Government
BankGuaranteesToGovernment
944000 usd
CY2023Q4 znogw Bank Guarantees To Others
BankGuaranteesToOthers
90000 usd
CY2023Q4 znogw Aggregate Bank Guarantee Amount
AggregateBankGuaranteeAmount
1034000 usd
CY2023Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
3.1 pure
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
13.2 pure
CY2023Q4 znogw Cash Cash Equivalents And Shortterm And Longterm Bank Deposits
CashCashEquivalentsAndShorttermAndLongtermBankDeposits
1635000 usd
CY2023Q4 znogw Weighted Average Annual Interest Rate
WeightedAverageAnnualInterestRate
0.037 pure
CY2022Q4 znogw Cash Cash Equivalents And Shortterm And Longterm Bank Deposits
CashCashEquivalentsAndShorttermAndLongtermBankDeposits
3114000 usd
CY2022Q4 znogw Weighted Average Annual Interest Rate
WeightedAverageAnnualInterestRate
0.006 pure
CY2023 znogw Acquisition Of Drilling Rig And Related Equipment
AcquisitionOfDrillingRigAndRelatedEquipment
usd
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
CY2022 znogw Depreciation Of Oil And Gas Equipment
DepreciationOfOilAndGasEquipment
usd
CY2023 znogw Cost Of Options Capitalized To Oil Gas Properties
CostOfOptionsCapitalizedToOilGasProperties
usd
CY2023 znogw Other Costs
OtherCosts
usd
CY2022 znogw Other Costs
OtherCosts
usd
CY2023Q4 znogw Drilling Provisions Accrued Liabilities
DrillingProvisionsAccruedLiabilities
usd
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
usd
CY2022 znogw Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
usd
CY2023 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
usd
CY2023 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
usd
CY2023 znogw License Cost
LicenseCost
usd
CY2022 znogw License Cost
LicenseCost
usd
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001131312
CY2023 dei No Trading Symbol Flag
NoTradingSymbolFlag
true

Files In Submission

Name View Source Status
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