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Adira commences drilling operations & 3D survey

Source: www.gulfoilandgas.com 12/14/2010, Location: Middle East

Adira Energy Ltd. is pleased to announce that it has commenced Drilling and workover operations on its onshore “Eitan” unconventional gas license in the Hula Valley as well as commencing 3D geophysical survey operations on its “Gabriella” and “Yitzhak” licenses offshore Israel.

Offshore Licenses
The Company has contracted WesternGeco, an Schlumberger company, to complete a state of the art geophysical survey on its Yitzhak and Gabriella licenses directly offshore of central Israel on a 630 square kilometre 3D Survey. The company is focused specifically on oil targets in this region. Adira Energy has three contiguous blocks that run the length of central Israel including “Gabriella”, “Yitzhak” and “Samuel”. The current dual axis survey, a technology never used before in Israeli waters is designed to define the exact target and structure. Two independent 3D surveys will overlay each other at opposing axes. Adira Energy, President and COO, Colin Kinley commented, “The program is underway and we are 60% complete the first axis. We are very excited to be using the dual axis technology Western brings to the region – these oil targets are significant to both Adira and Israel. Previous drilling and testing has enhanced the prospectivity of these blocks and we are keen to complete this phase and begin processing”. Adira intends to complete the Gabriella and Yitzhak programs in early January and plans to commence its 300 square kilometer3D survey on the Samuel license within the first half of 2011.

Onshore License
Adira has also commenced operations on its onshore Eitan License after successfully obtaining all necessary regulatory permits. The Company has moved its drill rig and associated equipment onto site and commenced operations on its first of three workover. It is anticipated that the workover will be completed in early January 2011 and will then commence drilling and wireline coring operations on three new gas wells. This program is estimated to take three to four months to complete and will include desorption and adsorption analysis of key coal and shale intersect in the wells. Once this assessment is complete the study will provide an understanding of the gas contents, structure and economic feasibility of an unconventional resource play in the region. The Eitan project is located in Hula Valley basin, Northern Israel near the head of the Jordan River Valley.

Adira has engaged a team of industry experts experienced in tight and unconventional gas exploration and development. Using technologies and capabilities they have developed in the prolific US unconventional gas plays, the Company hopes to understand and harness the known conventional gas reserves and define the potential of developing a long term unconventional gas resource.

Ilan Diamond, CEO of Adira Energy said, “We are confident in our ability to define the economic potential of this known onshore gas field. The valley has potential for significant regional supply and power generation to feed Israel’s hydrocarbon hungry market. We are also delighted that we have commenced the 3D offshore program. We hope to use the acquired data in the survey to identify prospects on each of the Gabriella and Yitzchak licenses.”

Colin Kinley, commented, “The Hula presents a unique opportunity for gas developments. We are at the dawn of a new era in upstream exploitation technologies around the world and projects not dissimilar to this one, are now being developed, where they have gone unnoticed or been impossible to exploit in the past. We have a world-class team, significant resource potential, proven reserves a relatively shallow resource play. With a high demand for gas in the region the components are all there.” ”

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