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Two Companies Hunting for Oil in Israel Seek to Sell Shares in U, S


Two companies with oil exploration and drilling rights in Israel have applied to the Securities and Exchange Commission for permission to register additional issues of common capital stock on the American Stock Exchange, the SEC has announced.

The companies are Israel-Mediterranean Petroleum, Inc., Panama and Pan-Israel Oil Company. Inc., Panama. Each seeks to register an issue of 1,430,000 shares, of which 1,000,000 shares of each company would be offered for sale in the United States and 250,000 abroad. Funds obtained from the issues will be used, according to statements filed with the SEC, for exploratory drilling and development of licensed acreage, operations and expenses of the companies and acquisition, exploration and development of additional acreage Offerings are to be made by H. Kook and Co., Inc

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