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Adira Provides Updates on Yitzhak and Gabriella

Source: www.gulfoilandgas.com 10/25/2012, Location: Middle East

Adira Energy Ltd. is pleased to announce that it has received an extension (the “Extension”) from the Ministry of Energy and Water of the State of Israel (the “Ministry”) for its work programs on the Yitzhak and Gabriella licenses, offshore Israel.

The extended work program for the Yitzhak license requires the Company, and the other participants on the Yitzhak license, to submit an Environmental Impact Assessment to the Central District Planning Committee of the State of Israel by January 1, 2014, and to execute a drilling contract by September 30, 2014. The Yitzhak license has been extended to October 15, 2014.

The extended work program for the Gabriella license requires the Company, and the other participants on the Gabriella license, to submit a request to the Ministry for the approval of a new operator that complies with Ministry regulations by February 28, 2014, to execute a drilling contract by April 30, 2014, to complete an Antisotricpic PSDM and coherent sub surface model by July 31, 2014, and to spud a well by August 31, 2014. The Gabriella license has been extended to September 1, 2014. As previously announced on September 11, 2013, pursuant to the settlement agreement among the Company, Modi’in Energy Ltd. (“Modi’in”) and Brownstone Energy Inc., Adira may, at the request of Modi’in, and subject to certain conditions, be required to relinquish its interest in the Gabriella License. To date, such request has not been made.

The work program for the Yam Hadera license, on which Adira has an option to acquire 15%, has also been extended. The extended work program requires the participants on the Yam Hadera license, to submit a request to the Ministry for the approval of a new operator that complies with Ministry regulations by February 28, 2014, to execute a drilling contract by May 31, 2014, to submit an Environmental Assessment by May 31, 2014, and to spud a well by August 31, 2014.

Adira further announces that, as a result of the challenging markets and difficulty in raising significant funds to drill multi well programs, it has relinquished the Samuel license, offshore Israel, back to the State of Israel. The relinquishment of the Samuel license allows the Company to focus its financial and management resources on its other high-value blocks.

Gadi Levin, CFO of the Company, states “The extension on the licenses allows Adira additional time to advance the drilling program and focus on the raising of additional capital necessary to continue the Company’s operations. Adira is the co-operator of the Yitzhak license and has a working interest of 70%. The operatorship status, together with significant working interest in the best estimate 79.1 million barrels of prospective oil block makes the Yitzhak license Adira’s core license.”

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