Quarterly ResultMay 7, 2026, 05:07 PM
Zion Oil & Gas Q1 Net Loss $2.1M; Cash $12.25M
AI Summary
Zion Oil & Gas reported a net loss of $2.08 million for the first quarter of 2026, an increase from $1.68 million in the same period last year. Despite the loss, cash and cash equivalents increased to $12.25 million. The company's exploration activities in Israel, including rig maintenance and re-entry into the MJ-01 wellbore, were impacted by the Israel-Iran war, leading to the demobilization of the rig crew. The company also noted a substantial doubt about its ability to continue as a going concern due to its accumulated deficit.
Key Highlights
- Net loss for Q1 2026 was $2.08 million, compared to $1.68 million in Q1 2025.
- Cash and cash equivalents increased to $12.25 million at March 31, 2026, from $9.86 million at December 31, 2025.
- Total assets rose to $52.58 million at March 31, 2026, from $46.28 million at December 31, 2025.
- Stockholders' equity increased to $48.43 million at March 31, 2026, from $42.43 million at December 31, 2025.
- Net cash used in operating activities decreased to $1.48 million in Q1 2026 from $2.46 million in Q1 2025.
- Investments in unproved oil and gas properties increased to $30.96 million from $27.67 million.
- Rig crew demobilized due to the Israel-Iran war, delaying horizontal drilling operations at the MJ-02 well.
- The company's accumulated deficit of $304 million raises substantial doubt about its ability to continue as a going concern.