MEMORANDUM OF UNDERSTANDING Entered into this 10th day of December, 2006 By and Between ZION OIL & GAS, INC. Caesarea 38900, Israel ("Zion") and LAPIDOTH - ISRAEL OIL PROSPECTORS CORP., LTD. Tel-Aviv 61170, Israel ("Contractor")Memorandum of Understanding • December 14th, 2006 • Zion Oil & Gas Inc • Oil & gas field exploration services
WHEREAS, Zion as holder of Petroleum Exploration License 298/Ma'anit-Joseph (the "License") desires to engage the Contractor to perform certain remedial workover, completion and testing services on the Ma'anit #1 well (as such services shall be defined by Zion in a Remedial Workover and Completion Procedure to be provided Contractor, the "Services") pursuant to the terms and conditions described herein and as will be further detailed in an agreement to be entered into as provided herein (the "Services Agreement"); and
