Isramco Reports on the NIR Field

Isramco, Inc. reported today that as operator of the Med Ashdod license it had presented to a meeting of the partners held on October 10, results of a reserve study that estimates the total gas reserves in place in the Nir field at 274 billion cubic feet of natural gas. Based on this discovery in the Nir-1 well and Israeli petroleum law, the partners authorized the operator to request that the Israeli Petroleum Commissioner extend the period of the license.

Also in the meeting the operator presented a work program to the partners covering two subjects:

1. mapping of gas objectives based on a 3-D seismic survey had been performed on the southern part of the license.

2. shooting of a new 3-D seismic survey covering the Yam structure in the northern and central part of the license and mapping of two deep prospects for oil.

The partners were asked to approve the work program and a budget of $3.1 million not later than October 19, 2000.


BG International Ltd.                   35.00%
Isramco Negev 2, Limited Partnership    19.13%
Naphtha Israel Petroleum Corporation     1.84%
Naphtha Explorations Limited Partnership 1.84%
I.O.C. Dead Sea Limited Partnership      5.05%
Delek Drilling Limited Partnership      21.76%
Clal Industries and Energy               7.80%
Dor Chemicals                            3.60%
Petrochemical Industries                 3.60%
Isramco, Inc.                            0.36%