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ISRAMCO: PLAN FOR PRODUCTION TEST; NEW ARRIVAL DATE OF OFFSHORE RIG; APPROVAL OF BUDGET FOR EQUIPMENT PURCHASES; RE-ENTRY OF YAM-2 DECISION

 NEW YORK, Jan. 10 /PRNewswire/ -- Isramco, Inc. (NASDAQ: ISRL) reported today that, as operator of the exploration venture in Israel, it had recommended to the venture's participants that, following detailed analyses of the electrical logs carried out recently in the Bessor-1 well by independent experts, production tests be carried on a representative sample interval approximately 30 feet to 60 feet thick out of a total interval occurring at a depth between 9,000 feet to 9,400 feet. The Bessor-1 has reached the depth of approximately 14,250 feet.
 Isramco also informed the participants that there is doubt as to whether hydrocarbons exist in this interval because during the drilling there were no significant shows in the samples obtained and also because there was a loss of significant quantities of drilling fluids in the rock formations in this interval.
 Isramco informed the participants that the timing for conducting the test, as well as the techniques and budget required to perform it, will be determined after the completion of drilling and the analysis of the rest of the data acquired from the portions of the well which are being drilled at present to total depth.
 Isramco also informed the participants in the Yam Yafo-1 well that because of stormy weather conditions, the new estimated time of arrival of the Benreoch rig at the drill site will be toward the end of January 1994.
 The Benreoch is a large, semi-submersible drilling rig built in 1983. It was upgraded last year for high-temperature, high-pressure drilling and equipped with advanced drilling equipment to enable it to drill high-temperature, high-pressure wells. Its main deck is 202 feet wide and 220 feet long and rises 116 feet above sea level. The drill floor is 150 feet above sea level and the drilling derrick is 174 feet tall, for an overall height of 324 feet from sea level to the top of the derrick. The pods and pontoons extend 65 feet below sea level and the rig has a displacement of 27,600 tons while drilling. The derrick on the Benreoch is designed for a hook load of 1,400,000 pounds and the rig is capable of drilling to a depth of 25,000 feet. It has successfully drilled many wells similar to those which will be drilled offshore Israel by Isramco and the participants in the exploration venture. Its modern, air-conditioned quarters can accommodate up to 100 personnel.
 In addition, the participants in the Yam Carveout approved a budget (AFE) in the amount of $2.5 million to purchase casing and wellhead equipment for the Yam-3 well.
 Finally, Isramco recommended a postponement of the decision as to whether to deepen the Yam-2 well until the completion of the Yam-3 well and the analysis of its results. The recommendation was approved by the participants.
 -0- 1/10/94
 /CONTACT: Dr. Joseph Elmaleh, chairman of Isramco, 212-685-6489; or John Swanson of Swanson Communications, 212-683-4890/
 (ISRL)


CO: Isramco, Inc. ST: New York IN: OIL SU:

JG-MP -- NY014 -- 0430 01/10/94 09:04 EST
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Publication:PR Newswire
Date:Jan 10, 1994
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