SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report: May 12, 1999
ISRAMCO, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-12500 13-3145265
(State or Other Jurisdiction Commission File IRS Employer
of Incorporation) Number) Identification No.)
1770 St. James Place, Houston, Texas 7705 Suite 607
(Address of Principal Executive Offices)
713-621-3882
(Registrant's Telephone Number, including Area Code)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
Isramco Inc., as operator of the offshore licenses in Israel, reported that
it presented to its participants in the license the following proposals for the
oil and exploration work plans in the license areas:
(i) Offshore drilling of the Yam West 2 well in the Med Yavne license area
to a depth of 3,500 meters (approximately 11,483 feet) and a water depth of 750
meters (approximately 2,461 feet). The amount budgeted for the drilling is
approximately $21.2 million. The participants approved an AFE in the amount of
$21.2 million for drilling and testing the well.
(ii) Deepening of the Yam 2 well by approximately an additional 300 meters
(approximately 984 feet), to a depth of 5,700 meters (approximately 18,702 feet)
in a water depth of 93 meters (approximately 305 feet). The drilling site is
located in the Yam Ashdod carveout area in the Med Ashdod license area. The
amount budgeted for the drilling is approximately $12 million.
Deepening of the Yam 2 well is subject to the conclusion of an agreement
with the Israeli Ministry of Defense, the availability of drilling equipment
appropriate for elevated water pressure and temperatures, as well as additional
examination of the well head.
The Company also reported that on May 6, 1999, it signed a drilling
contract with an international drilling contractor to drill on the Yam West 2
and an additional optional well. The drilling is estimated to commence in August
1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: May 11, 1999 Isramco, Inc.
By: /s/ Haim Tsuff
Haim Tsuff
Chairman of the Board
Exhibit Press Release, dated May 7, 1999
Monday, May 10, 1:08 pm Eastern Time
Company Press Release
SOURCE: Isramco, Inc.
Isramco Reports on Work Program
Offshore Israel; Signs Drilling Contract for Yam West 2 Well
Offshore
HOUSTON, May 10,/PRNewswire/ -- Isramco, Inc. (Nasdaq: ISRL - news), operator of
the offshore licenses in Israel reported today that it had presented to the
participants in the license the following proposals for its oil exploration work
plans in the license areas:
1. Offshore drilling of the Yam West 2 well in the Med Yavne license area
to a depth of 3,500 meters (approximately 11,483 feet) in a water
depth of 750 meters (approximately 2,461 feet). The amount budgeted
for the drilling is approximately $21.2 million.
2. Deepening of the Yam 2 well by approximately 300 meters (approximately
984 feet), to a depth of 5,700 meteres (approximately 18,702 feet) in
a water depth of 93 meters (approximately 305 feet). The drilling site
is located in the Yam Ashdod carveout area in the Med Ashdod license
area. The amount budgeted for the drilling is approximately $12
million. The deepening of the Yam 2 is subject to the conclusion of an
agreement with the Ministry of Defense as well as additional
examination of the well head.
Isramco further reported that on May 6, 1999 it had signed a drilling contract
with Atwood Oceanics Inc., Houston, TX, an international drilling contractor, to
drill the Yam West 2 and an additional operational well. The estimated
commencement date of drilling is August 1999.
Participants and their portion of the working interest:
Isramco, Inc. -- 1.0043%
Isramco Negev 2 Limited Partnership -- 70.9957%
Delek Drilling Limited Partnership -- 4.0000%
Naphtha Israel Petroleum Corporation -- 5.0000%
Naphtha Explorations Limited Partnership -- 5.0000%
J.O.E.L. -- Jerusalem Oil Exploration Ltd. -- 8.0000%
Equital Ltd. -- 6.0000%
