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ISRAMCO REPORTS START-UP OF DRILLING ON BESSOR NO. 1 WELL IN ISRAEL; ISRAMCO-NEGEV 2 LIMITED PARTNERSHIP COMPLETES $14.8M RIGHTS OFFERING

 NEW YORK, Oct. 18 /PRNewswire/ -- Isramco, Inc. (NASDAQ: ISRL) reported today that drilling had begun on Oct. 15 on the Bessor No. 1 well located in Israel's Negev Desert. The Bessor No. 1 is targeted for the 15,400-foot level and is budgeted for approximately $7 million. Isramco, operator of the oil exploration venture in Israel, holds an approximate 3.3 percent overriding royalty and 1 percent working interest in the Bessor Carveout Venture. Also participating in the venture are the Israeli entities Isramco-Negev 2 Limited Partnership; Jerusalem Oil Exploration, Ltd.; Pass-port, Ltd.; Delek Drilling Limited Partnership; Naphta; and Naphta Limited Partnership.
 An offshore well, off the coast of Israel in the Mediterranean, is also planned for early 1994, with an estimated cost of approximately $25 million.
 The company also reported that the Isramco-Negev 2 Limited Partnership, traded on the Tel Aviv Stock Exchange, had completed a rights offering in Israel. All of the rights were taken up, resulting in the raising of $14.8 million before expenses. The funds will be used for the limited partnership's share of the exploration program in Israel.
 In addition, the Isramco-Negev 2 Limited Partnership has made it known in Israel that it was proposing an additional rights offering in order to fund its share of the exploration venture's future activities. Isramco, Inc.'s wholly owned Israeli subsidiary serves as general partner of the partnership.
 -0- 10/18/93
 /CONTACT: Dr. Joseph Elmaleh, chairman of Isramco, 212-888-0900, or John Swanson of Swanson Communications, Inc., 212-683-4890/
 (ISRL)


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

GK-TS -- NY014 -- 3235 10/18/93 09:30 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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