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Adira Energy Ltd. is pleased to announce that the Ministry of Energy and Water of the State of Israel (the Ministry) has granted an extension of the dates for the execution of a drilling contract and the spudding of the first well on the Gabriella and Yitzhak licenses offshore, indicated below:
1- Gabriella license:
- New Contract Execution Date (Original date): September 1, 2012 (July 1, 2012)
- Submittion of an Environmental Study (Original date): July 20, 2012 (September 1, 2012)
- New Sub Date (Original date): Jun 30, 2012 (December 1, 2012)
2- Yitzhak license:
- New Contract Execution Date (Original date): September 1, 2012 (July 1, 2012)
- Submittion of an Environmental Study (Original date): September 1, 2012 (September 1, 2012)
- New Sub Date (Original date): October 30, 2013 (December 1, 2012)
The date for the submission of the Environmental Study was brought forward (as above), and Adira management believes they are able to submit the study within this timeline.
Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: “We are delighted with the Ministry of Energy and Water’s decision to extend our Gabriella and Yitzhak licenses for approximately one year. The extensions on the licenses are a significant event, as it allows Adira additional time in order to secure funding to obtain the rigs required to drill the wells on Gabriella and Yitzhak.
The imminent drilling deadlines have been placing a burden on Adira’s ability to raise capital in the current challenging global markets. With these extensions, the Company has the ability to secure the financing required to provide the necessary financial commitments in order to drill within the extended timelines.”
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