Adira Energy Ltd. announced that further to its press release dated December 24, 2012, Modi’in Energy L.P has published a revised resource report in respect of the Yam Hadera license, offshore Israel, in which Adira has an 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.
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.”
Yam Hadera is located 30 kilometers offshore Israel, between Hadera and Haifa contiguous and directly North West of Adira’s Gabriella and Yitzhak licenses. The Report, 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.