Isramco reaches agreement for offshore licenses in Israel

Isramco, Inc., operator of the offshore licenses in Israel, announced that a letter of intent was entered into on August 13, 1999, among the below referenced participants and a leading oil and gas exploration and production company based in the United States whereby such company is to participate in the offshore exploration efforts in Israel.
According to the letter of intent, the company is to hold a participation interest in an amount equal to between 25 % and 50 % in each of the Med Yavne Licenses (except for the Yam West 2 Carveout) and the Marine North/164 Preliminary Permit. In addition, the company and each of the below referenced participants granted to each other an option to participate in any other license or preliminary permit respecting offshore Israel which any of them may be awarded in the future.
If the parties are unable to reach by August 31, 1999 a legally binding agreement respecting the matters addressed in the letter of intent, then, unless otherwise mutually agreed, the letter of intent is to terminate.
Participants: Isramco, Inc. Isramco Negev 2, Limited Partnership Naphtha Israel Petroleum Corporation J.O.E.L. -- Jerusalem Oil Exploration Ltd. Equital Ltd.