Note 4 - Unproven Oil and Gas Properties, Full Cost Method

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Oil and Gas, Full Cost Method, Property and Equipment [Text Block]

Note 4 - Unproved Oil and Gas Properties, Full Cost Method 

Unproved oil and gas properties, under the full cost method, are comprised as follows:

	December 31,		December 31,
	2024		2023
	US$		US$
	thousands		thousands
Excluded from amortization base:
Drilling costs, and other operational related costs		6,426		2,538
Capitalized salary costs		2,546		2,444
Capitalized interest costs		1,418		1,418
Legal and seismic costs, license fees and other preparation costs		11,253		10,198
Other costs		39		39
		21,682		16,637

Impairment of unproved oil and gas properties comprised as follows: 

	For the year ended
	December 31,
	2024		2023
	US$		US$
	thousands		thousands
Excluded from amortization base:
Drilling costs, and other operational related costs		-		75
Legal and seismic costs, license fees and other preparation costs		-		60
		-		135

Changes in Unproved oil and gas properties during the years ended December 31, 2024, and 2023, are as follows: 

	December 31,			December 31,
	2024			2023
	US$			US$
	thousands			thousands
Excluded from amortization base:
Drilling costs, and other operational related costs		3,888			251
Capitalized salary costs		102			102
Legal and seismic costs, license fees and other preparation costs		1,055			530
Impairment of unproved oil and gas properties		-			(135	)
		5,045	*		748	*

* Inclusive of non-cash amounts of approximately $627,000, and $702,000 during the years 2024, and 2023, respectively

Please refer to Footnote 1 – Nature of Operations and Going Concern for more information about Zion’s exploration activities.