If you are a long term holder of Isramco, by now you should be seeing "the Big Picture", that is, why Isramco is a publically traded company.
Oil and gas wells in Israel cannot be defended by the Israeli military, period. Any wells in Israel must be preceived as international operations, just like all the other oil wells in the Middle East. Thus, Isramco was created.
As an international company traded on the NASDAQ and based in Houston, it will do this (Isramco isn't based in Houston, yet, but it will move it's head office there if they ever operates a large number of wells in Israel). The purpose of Isramco is to own a tiny percentage of each well in Israel, and OPERATE them. If anyone blows up a well, now it is a crime against the West, and a crime against a US traded public company, and not just a well in Israel being blow up.
Since operator fees for wells run maybe $50,000 per month per well, plus a share of the royalities, this is not an insignificant role. But the idea that Isramco would go in 25% or 50% or 100% on a well in Israel is wishful thinking - doing that violates it's unwritten charter. Isramco will always own one or two percent of a well in Israel, then operate it, to shown international ownership.
As far as the stock holders, we just don't fit in. When the royalities start coming in from operations, the profits of Isramco will be feed right back into Isramco, and/or other TASE securities and stocks. They will never issue a dividend.
This is not a negative statement. In fact, if you hold onto Isramco for another decade, and things go well in Israel, you may find this type of company, run in this fashion, will have unlimited growth.
This makes a lot of sense and I had wondered if maybe this was the deal. One question though. Assuming the purpose and plan is as you say, and it seems it is, why then would Isramco not issue dividends etc., to get more interest, and wider ownership, in its stock. ADM, Cargill, etc. are giving a few thousand farmers little pieces in their ethanol plants and getting tremendous dividends on Capitol Hill as a result. Why would these people not do the same?