Adira Energy Corporation (XETRA: AORLB8; TSXV: ADL; Bulletin Board: ADENF) reports that it has completed 3D seismic surveys of its offshore Gabriella and Yitzhak licenses, which will help define the anticipated oil targets on both licenses. The company expects to receive the results of the data processing of the survey in the third quarter, at which point it will decide whether it is worthwhile drilling at the licenses.
Adira is readying to carry out a 3D seismic survey, using Ocean Bottom Deployed Cables (OBC) technology, of its offshore Samuel license.
Adira also announced that its drilling team at the Eitan gas license in the Hula Valley has reworked three existing wells, all of which have a gas presence. Pumps have been ordered for installation. A shallow test well was drilled to delineate shallow sands and the rig has now been moved onto a coal-bed methane (CBM) well that is being drilled to test gas content in the coals between 400 and 800 meters. Currently, specialists experienced in testing developing unconventional gas fields are on site and a field laboratory has been mobilized for intensive testing.
Although Adira is a Canadian company traded in Toronto, New York, and Frankfurt, it is engaged is gas and oil exploration in Israel. It sold 70% of the Gabriella license to Modiin Energy LP (TASE:MDIN.L), controlled by Tzachi Sultan and Nochi Dankner.
Adira has stakes in four licenses - Gabriella, Yitzhak, Samuel, and Eitan - which have a total area of 350,000 dunam (87,500 acres). The Eitan license is in the Hula Valley, and the other three licenses are in shallow water: Gabriella, located 10 kilometers offshore between Ashdod and Netanya; Yitzhak, located 17 kilometer offshore between Hadera and Netanya; and Samuel, located adjacent to the coast between Ashkelon and Bat-Yam. The company also has an agreement to farm in to 70% of the Notera license adjacent to the Eitan license.
Adira's Israeli shareholders include Eli Barkat's BRM Capital, Lapidoth Israel Oil Prospectors Corporation Ltd. (TASE: LAPD), and investment bankers Halman and Aldubi. Foreign investors include Quantum Partners LP, managed by Soros Fund Management LLC, which invested $6.5 million in the company in February.
Published by Globes [online], Israel business news - www.globes-online.com - on March 21, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011