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ISRAMCO REPORTS EXTENSION OF OIL EXPLORATION LICENSE IN ISRAEL

 NEW YORK, July 13 /PRNewswire/ -- Isramco, Inc. (NASDAQ: ISRL) reported today that it had received approval from the oil commissioner of the Ministry of Energy and Infrastructure for two licenses in the Mediterranean offshore of Israel. The approval is for three years until June 14, 1996. The licenses, known as Med Tel Aviv and Med Yavne, are carved from the permit formerly known as the Negev Med, which Isramco and the other participants in the oil exploration program being conducted in Israel had previously held.
 Three other licenses carved from the former Negev Med permit have been applied for and approval for them is expected at the next meeting of the Petroleum Commission of the Ministry.
 In reporting the extension of the exploration program's rights to the offshore areas, Dr. Joseph Elmaleh, chairman, also said that the oil commissioner had granted an extension of the deadline for start up of drilling on the Negev Ashkelon license, including the Yam Carveout until Dec. 31, 1993 and indicated that the commencement of drilling in the Med Yavne license or the Med Tel Aviv license will enable a further deferral of the commencement of the drilling date. In addition, the commissioner also required that the group participating in the program enter into a contract by Sept. 30, 1993 with a drilling contractor to drill a well on one of the offshore licenses.
 Isramco, Inc is the operator of the oil exploration program in Israel. The other participants are Isramco-Negev 2 Limited Partnership, J.O.E.L. -- Jerusalem Oil Exploration Ltd., Pass-Port Ltd., Naphtha Israel Oil Co. Ltd., Delek Oil Exploration Ltd., and Delek Israel Oil Co. Ltd.
 -0- 7/13/93
 /CONTACT: Dr. Joseph Elmaleh, chairman of Isramco, 212-888-0200; or John Swanson of Swanson Communications, Inc., 212-683-4890, for Isramco/
 (ISRL)


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

TS-LR -- NY060 -- 0995 07/13/93 15:38 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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