Adira Energy Ltd. announces that Modiin Energy L.P, on behalf of the Gabriella License consortium, including Adira and Brownstone Energy, has executed a detailed drilling contract with Noble International Ltd (“Noble Drilling”). The Agreement provides for the drilling of the Gabriella License by the Noble Homer Ferrington semi-submersible rig prior to the government regulated spud date of June 30, 2013.
Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: “Another major milestone has been delivered to Adira’s shareholders with the signing of the Homer Ferrington rig contract. This will enable us to drill the highly anticipated Gabriella License which is Adira’s core asset. With over 110 million barrels of contingent oil resources, this project is important to Adira as well as a fundamental key in moving forward on the oil potential offshore Israel. The Homer Ferrington has drilled some of the most successful discovery wells in the Eastern Mediterranean including “Leviathan” offshore Israel and “Block 12” offshore Cyprus. ”
The Gabriella License is located approximately 10 kilometers northwest of Tel Aviv, in the waters offshore Israel. The block covers an area of approximately 392 square kilometers (97,000 acres) and is in water depths that range from 100 meters on the east side of the block to just over 425 meters on the southwest side of the block. Adira holds a 15% Working Interest in the Gabriella License plus a 15% back-in option from Modin Energy, to be exercised within six months of discovery, at cost.
The multi-component seismic company Reservoir Exploration Technology ASA (RXT) has received a letter of award from an oil company for an ocean bottom cable survey in the Middle East.
Formal agreement will be entered into. The survey is scheduled to commence during 2012 and is estimated to take 13 months.
The estimated contract value is USD 104.5 mill.
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