Isramco, Inc., operator of the Or - 1 well, announced today the successful testing of exploration well, the Or - 1, in the Med Yavne concession, 20 miles offshore Israel. The tests conducted on the well are in their preliminary stages. An initial gas flow rate of 21 million cubic feet was recorded. Based on continuing test results, tests on deeper levels may be performed. The results until now are encouraging. Final rate of gas flow will be established upon completion of the production tests. The Or - 1 was spudded in early October by Atwood Oceanics, semisubmersible, Eagle. Another well, the Or - South, 2.5 miles south of the Or - 1, is due to commence drilling following completion of the Or - 1. Isramco is currently the operator of the Med Yavne license, with BG International Limited taking over as operator following the completion of this drilling program, due later this year. The Med Yavne is one of five Israeli offshore exploration licenses in which BG recently acquired a 50 percent interest from a group of Israeli companies and limited partnerships, led by Isramco, Inc. Isramco retains the operatorship for the blocks other than the Med Yavne. The total acreage covers an area of 2,000 square kilometers in the Mediterranean Sea. The licenses are Med Yavne (Block 239), Med Tel Aviv (Block 240), Med Hadera (Block 241), Med Ashdod (Block 242) and Med Hasharon (Block 243).The partners in the Med Yavne license are: B.G. International 50.00%;Isramco-Negev 2 Limited Partnership 32.4111%; Delek Drilling Limited Partnership 8.0000%; Naphtha Exploration Limited Partnership 2.2826%; Naphtha Israel Petroleum Corporation Ltd. 1.8033%; Equital Ltd. 2.1639%; J.O.E.L.-Jerusalem Oil Exploration Ltd. 2.8897%; and Isramco, Inc. 0.458%.

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