Some religious scholars believe the area in which Zion plans to drill is the land God set aside for the biblical tribe of Joseph. Brown chose the location in part because of a verse in Deuteronomy that says Joseph will be blessed with the "bounty of the land," Mandelker said.
"We've identified a structural feature roughly parallel to the Israeli coast and developed a concept that this feature became the underlying platform for what appears to be a still intact Triassic-age barrier reef," he said. "That could provide suitable reservoirs for the accumulation and storage of either gas or oil."
Givot Olam Oil Ltd., a Jerusalem-based company, has found oil in its concession south of Zion's and is trying to overcome "technical problems" to pump it, said Chief Geologist Vladimir Steingoltz. The field could produce an average of 476 barrels a day in the first year, declining to 200 barrels a day during the first seven years of operation, the firm's website reports.
"It's the same geological area as ours, but in our area a lot more seismological work has been done," Steingoltz said in a phone interview. "North of it, not so much."
Zion's top four managers, including Brown, have signed contracts that guarantee them a total of $720,000 in salary from 2004 through 2008, according to the prospectus.
