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Adira Extends the Drill Contract on Yitzhak License

Source: www.gulfoilandgas.com 12/27/2012, Location: Middle East

Adira Energy Ltd. is pleased to announce that the Ministry of Energy and Water of the State of Israel (the Ministry) has granted an extension of the date for the execution of a drilling contract of the first well on the Yitzhak offshore license from December 31, 2012 to June 30, 2013.

Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: “This extension allows Adira additional time in order to obtain the rig required to drill the well on Yitzhak while currently focusing on the imminent drilling of Gabriella.”

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