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ISRAMCO ISSUES UPDATE ON EXPLORATION PROGRAMS

 ISRAMCO ISSUES UPDATE ON EXPLORATION PROGRAMS
 NEW YORK, Jan. 7 /PRNewswire/ -- Isramco, Inc. (NASDAQ: ISRL)


Chairman Joseph Elmaleh reported today that in the program to drill an oil well on the Negev-Nirim license located in the coastal plain of southern Israel, a budget of $120,000 had been approved for preparatory work including engineering design of the Bessor No. 1 well and for a study of the drilling equipment that will be needed. He said that subsequent to disseminating the preparatory work study, a final budget and spudding date for the Bessor No. 1 would be presented for approval of the participants.
 Elmaleh also reported that an application has been presented to the commissioner for oil exploration in the Ministry of Energy for registration of a Bessor No. 1 carveout of about 48,000 acres within the boundary of the Negev-Nirim license. Participation in the carveout will be as follows: Isramco, Inc. 3.5764 percent; Isramco-Negev 2 Limited Partnership 35.6106 percent; Jerusalem Oil Exploration Ltd. 28.4885 percent; Paz Oil Exploration 16.3245 percent; Naphta 8 percent; Delek Oil Exploration 6 percent; Delek, the Israel Fuel Corp. 2 percent.
 In addition, Elmaleh reported that 620 miles of seismic lines had been shot in the Negev-Med permit using a state-of-the-art seismic ship in the Mediterranean Sea off the coast of Israel by the end of December 1991 at a cost of approximately $1.2 million. This completed the survey at sea and the data gathered on the 850,000-acre license is now being processed in Israel and the United States.
 In another matter related to the Negev-Med permit, Elmaleh said that Paz Oil Exploration had requested to increase its participation in the license from 6 percent to 16.3245 percent. Consequently the following participants agreed to reduce the level of their working interest participation: Isramco-Negev 2 Limited Partnership from 42.0957 percent to 36.6630 percent; Jerusalem Oil Exploration Ltd. from 33.6766 percent to 29.3304 percent; Isramco, Inc. from 4.2277 percent to 3.6821 percent. The following companies' levels of participation remain unchanged: Naphta 10 percent; Delek Oil Exploration 3 percent; Delek, the Israel Fuel Corp. 1 percent. Isramco has not reduced the overriding royalty interests it holds in the petroleum assets of the Negev Venture.
 "Isramco is pleased with the enthusiasm of Paz Oil for this exploration project, which is demonstrated by their request for an increased participation. In addition, the reduction of Isramco's participation relieves it of a potentially significant financial obligation to fund future budget requirements for the Negev-Med permit," Elmaleh said.
 -0- 1/7/92
 /CONTACT: David Malkin, corporate secretary of Isramco, 212-486-8615; or John Swanson of Swanson Communications, 212-683-4890, for Isramco/
 (ISRL) CO: Isramco, Inc. ST: New York IN: OIL SU:


GK-SM -- NY022 -- 7239 01/07/92 10:20 EST
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Date:Jan 7, 1992
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