Adira announces increased estimated resources in the Yam Hadera license, offshore Israel
TORONTO, July 18, 2013 /CNW/ – ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd. (“Adira” or the “Company“) is pleased to announce that further to its press release dated
December 24, 2012, Modi’in Energy L.P (“Modi’in“) has published a revised resource report (the “Report“) in respect of the Yam Hadera license, offshore Israel (“Yam Hadera“), in which Adira has an option (the “Option“) to purchase up to a 15% participating interest therein, subject to
Adira’s fulfilment of certain obligations under the settlement
agreement among the Gabriella license participants, as announced on
July 1, 2013.
Yam Hadera is located 30 kilometers offshore Israel, between Hadera and
Haifa contiguous and directly North West of Adira’s Gabriella and
Yitzhak licenses. According to Modi’in’s public disclosure dated July
17, 2013, the Report, prepared by Netherland, Sewell & Associates Inc.
(“NSAI“) and dated July 14, 2013, provides that Yam Hadera has a best estimate
of gross recoverable prospective resources of 208 million barrels of
oil (“MMBO“) (revised upwards from 133 MMBO) and 3.4 trillion cubic feet (“TCF“) of natural gas (revised upwards from 1.4 TCF of natural gas), with a
geologic probability of success of between 17%-29% for different
horizons. The Report is based on reinterpretation of seismic data
relating to the Northern closure of the license.
Adira is entitled to exercise the Option until 14 business days before
the signing of a rig contract for Yam Hadera.
Jeffrey E. Walter, CEO of Adira Energy, stated “The revised best estimate of gross recoverable prospective resources of
oil and gas on the Yam Hadera license is extremely encouraging as the
improved estimates, complements our existing portfolio of high impact
oil blocks in the proven oil trend offshore Israel and enables our
shareholders to participate more significantly in the emerging oil
story of the Eastern Mediterranean.”
The Report was prepared in accordance with Modi’in’s disclosure
requirements for the Tel Aviv Stock Exchange, and complies with the
relevant guidelines set forth in the 2007 Petroleum Resources
Management System (PRMS) approved by the Society of Petroleum Engineers
(SPE). There is no certainty that any portion of the resources will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources. The
Company has relied on the public disclosure of Modi’in and has not
independently verified the results disclosed in the Report.
About Adira Energy Ltd.
Adira Energy Ltd. is an oil and gas company which is focused in the
Eastern Mediterranean. The Company has three petroleum exploration
licenses offshore Israel; the Gabriella, Yitzhak and Samuel Licenses.
These licenses are located respectively 10 km offshore between Netanya
and Ashdod, 17 km offshore between Hadera and Netanya and adjacent to
the coast between Ashkelon and Bat-Yam. The Company also has an option
on the Yam Hadera License, offshore Israel, which is located 30
kilometers offshore Israel, between Hadera and Haifa and North West of
Adira’s Yitzhak license.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed
“forward-looking statements”. All statements in this press release,
other than statements of historical facts, are forward-looking
statements. Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance, and actual
results or developments may differ materially from those in the
forward-looking statements. Forward-looking statements are based on the
Company’s internal projections, estimated or beliefs, concerning, among
other things an outlook on the estimated amounts and timing of
exploration work and capital expenditures or other expectation,
beliefs, plans, objectives, assumption, intentions or statements about
future events or performance, which are considered by management to be
reasonable at the time made. Actual events or results may differ
materially. Although the Company believes that the expectations
reflected in the statements are reasonable, it cannot guarantee future
results since such results are inherently subject to significant
business, economic, corporate, political and social uncertainties and
contingencies. Many factors cause the Company’s actual results to
differ materially from those expressed or implied in any forward
looking statements made by, or on behalf of, the Company and the
foregoing stated factors are not exhaustive. The statements contained
herein are made as of the date hereof and the Company disclaims any
intent or obligation to update publicly any forward looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by applicable law. Company shareholders
and potential investors should carefully consider the information
contained in the Company’s filing with Canadian securities
administrators at www.sedar.com before making investment decisions with regard to the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Adira Energy Ltd.