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: August 26, 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. (the "Company"), as operator of the offshore licenses in
Israel, reported today that the results of seismic survey in which a number of
gas prospects were mapped in the southern part of the Med Yavne Marine license
were presented to the below referenced license participants at a meeting on
August 23, 1999.
As a result of the seismic survey, the Company recommended that the
license participants approve the drilling of a gas well at a point located
approximately 35 kilometers (approximately 22 miles) northwest of Ashkelon, at a
water depth of approximately 700 m. (213 feet) near the No'ah structure (in
which the Company is not a participant). The well, known as Or 1, is planned to
be drilled to a depth of approximately 2,000 kilometers (Approximately 6,500
feet) with an overall budget of approximately $8.5 million. The Company
recommended that, in order to drill the Or 1 well, the partners exercise the
option previously granted to them by the drilling contractor to drill an
additional well immediately after completion of the drilling of the Yam 2 West
well, presently being drilled.
The Company requested that the license participants in the Med Yavne
license signify their approval of the Or 1 drilling budget by August 29, 1999.
The Company also notified the participants that the Yam 2 West well has
reached a depth of 2,530 m. (approximately 8,300 feet). Up to that depth, no
indications of the presence of hydrocarbons have been found. Currently the
drilling is continuing and is about to enter the principal target zone.
The Company further advised that at its request, and subject to the
exercise of the option to drill the Or 1 well, the drilling contractor has given
the operator an option to drill an additional well on the same conditions as the
Yam 2 West. The option for the additional well is subject to the requirement
that the notice to exercise the option concerning the third well be delivered no
later than 10 days after the spudding of the second well.
Participants Med Yavne License Yam 2 West
Isramco 1.0043% 1.0043%
Isramco Negev 2, Limited Partnership 70.9957% 85.9957%
Delek Drilling Co. Limited Partnership 8.0000% 8.0000%
Naphtla Explorations Limited Partnership 5.0000% 5.0000%
J.O.E.L. - Jerusalem Oil Exploration Ltd. 6.3100% --
Equital Ltd. 4.7400% --
Naphtla Israel Petroleum Co. Ltd. 3.9500% --
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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: August 27, 1999 Isramco, Inc.
By: /s/ Haim Tsuf
Haim Tsuf
Chairman of the Board
Company Press Release
SOURCE: Isramco, Inc.
Isramco Reports Seismic Mapping of Gas Prospects Offshore Israel;
Recommends Drilling of Well With Option for an Additional Well
HOUSTON, Aug. 26 /PRNewswire/ -- Isramco, Inc. (Nasdaq: ISRL - news), operator
of the Med Yavne Marine license, offshore Israel, reported today that the
results of seismic survey in which a number of gas prospects were mapped in the
southern part of the license were presented to the below referenced license
participants at a meeting on August 23, 1999.
As a result of the seismic survey, Isramco recommended that the license
participants approve the drilling of a gas well at a point located approximately
35 kms. (approximately 22 miles) northwest of Ashkelon, at a water depth of
approximately 700 m. (213 feet) in a structure near the No'ah 1 structure (which
has been drilled by other companies in which Isramco is not a participant). The
well, known as the Or 1, is planned to be drilled to a depth of approximately
2,000m. (Approximately 6,500 feet) with an overall budget of approximately $8.5
million. Isramco recommended that, in order to drill the Or 1 well, the license
participants exercise the option granted to them by the drilling contractor to
drill an additional well immediately after completion of the drilling of the Yam
West 2 well, presently being drilled.
Isramco requested that the license participants in the Med Yavne license signify
their approval of the Or 1 drilling budget by August 29, 1999.
Isramco also notified the license participants that the Yam West 2 well has
reached a depth of 2,530 m. (approximately 8,300 feet). Up to that depth no
indications of the presence of hydrocarbons have been found. Currently the
drilling is continuing and is about to enter the principal target zone.
Isramco further advised that at its request, and subject to the exercise of the
option to drill the Or 1 well, the drilling contractor has given the operator an
option to drill an additional well on the same conditions as the Yam West 2. The
option for the additional well is subject to the requirement that notice to
exercise the option concerning the third well be delivered no later than 10 days
after spudding the second well.
Participants: Med Yavne Yam West 2
License: Carveout:
Isramco, Inc. 1.0043% 1.0043%
Isramco Negev 2, Limited Partnership 70.9957% 85.9957%
Delek Drilling Limited Partnership 8.0000% 8.0000%
Naphtha Explorations Limited Partnership 5.0000% 5.0000%
J.O.E.L. -- Jerusalem Oil Exploration Ltd. 6.3100% --
Equital Ltd. 4.7400% --
Naphtha Israel Petroleum Co. Ltd. 3.9500% ---
