RELINQUISHES SAMUEL LICENSE, AND PROVIDES UPDATE ON YAM
HADERA OPTION
TSX.V: ADL
TORONTO,
Oct. 16, 2013 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: 0AM1). Adira Energy Ltd.
("Adira" or the "Company") 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."
About Adira Energy Ltd.
Adira Energy Ltd. is an oil and gas company which
is focused in the Eastern Mediterranean. The Company has two
petroleum exploration licenses offshore Israel; the Yitzhak license, located 17 km
offshore between Hadera and Netanya and the Gabriella license,
located 10 km offshore between Netanya and Ashdod. 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.