Adira Energy Corporation (XETRA: AORLB8; TSX: ADL; Bulletin Board: ADENF) has announced that the shallow water Gabriella and Yitzhak licenses have a best estimate of 4.54 trillion cubic feet of natural gas and 297 million barrels of oil.
Adira, a Canadian company, owns 30% of the Gabriella license and 85% of the Yitzhak license. Modiin Energy LP (TASE:MDIN.L), controlled by Tzahi Sultan and Nochi Dankner, owns 70% of Gabriella.
The estimates were made by Gustavson Associates LLC based on its assessment of the 3D seismic survey of the two licenses.
The Gabriella license covers 270 square kilometers and Yitzhak license covers 127.7 square kilometers. The licenses are located 10 kilometers offshore, along a strip between Ashdod and Netanya, in water that is 60-250 meters deep. The best estimate for Gabriella is 3.56 trillion cubic feet of gas and 277 million barrels of oil.
The best estimate for Yitzhak is 980 billion cubic feet of gas and 20.4 million barrels of oil.
CGG Veritas is conducting the full and final processing of the findings, and will announce the results in December. For the sake of comparison, Tamar has 8 trillion cubic feet of gas.
Modiin's share price rose 12.9% to NIS 0.035, giving a market cap of NIS 610 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2011
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