TSX V: ADL; FRANKFURT: AORLB8; OTCBB: ADENF
TORONTO, Dec. 14 /CNW/ - ADIRA ENERGY LTD. (TSX V: ADL; OTCBB: ADENF; FRANKFURT: AORLB8). Adira Energy Ltd. ("Adira" or the "Company") is pleased to announce that it has commenced Drilling and workover
operations on its onshore "Eitan" unconventional gas license in the
Hula Valley as well as commencing 3D geophysical survey operations on
its "Gabriella" and "Yitzhak" licenses offshore Israel.
The Company has contracted WesternGeco, a Schlumberger company, to
complete a state of the art geophysical survey on its Yitzhak and
Gabriella licenses directly offshore of central Israel on a 630 square
kilometre 3D Survey. The company is focused specifically on oil targets
in this region. Adira Energy has three contiguous blocks that run the
length of central Israel including "Gabriella", "Yitzhak" and "Samuel".
The current dual axis survey, a technology never used before in Israeli
waters is designed to define the exact target and structure. Two
independent 3D surveys will overlay each other at opposing axes. Adira
Energy, President and COO, Colin Kinley commented, "The program is underway and we are 60% complete the first axis. We are
very excited to be using the dual axis technology Western brings to the
region - these oil targets are significant to both Adira and Israel.
Previous drilling and testing has enhanced the prospectivity of these
blocks and we are keen to complete this phase and begin processing". Adira intends to complete the Gabriella and Yitzhak programs in early
January and plans to commence its 300 square kilometer 3D survey on the
Samuel license within the first half of 2011.
Adira has also commenced operations on its onshore Eitan License after
successfully obtaining all necessary regulatory permits. The Company
has moved its drill rig and associated equipment onto site and
commenced operations on its first of three workovers. It is anticipated
that the workovers will be completed in early January, 2011 and will
then commence drilling and wireline coring operations on three new gas
wells. This program is estimated to take three to four months to
complete and will include desorption and adsorption analysis of key
coal and shale intersect in the wells. Once this assessment is complete
the study will provide an understanding of the gas contents, structure
and economic feasibility of an unconventional resource play in the
region. The Eitan project is located in Hula Valley basin, Northern
Israel near the head of the Jordan River Valley.
Adira has engaged a team of industry experts experienced in tight and
unconventional gas exploration and development. Using technologies and
capabilities they have developed in the prolific US unconventional gas
plays, the Company hopes to understand and harness the known
conventional gas reserves and define the potential of developing a long
term unconventional gas resource.
Ilan Diamond, CEO of Adira Energy said, "We are confident in our ability to define the economic potential of this
known onshore gas field. The valley has potential for significant
regional supply and power generation to feed Israel's hydrocarbon
hungry market. We are also delighted that we have commenced the 3D
offshore program. We hope to use the acquired data in the survey to
identify prospects on each of the Gabriella and Yitzchak licenses."
Colin Kinley, commented, "The Hula presents a unique opportunity for gas developments. We are at
the dawn of a new era in upstream exploitation technologies around the
world and projects not dissimilar to this one, are now being developed,
where they have gone unnoticed or been impossible to exploit in the
past. We have a world class team, significant resource potential,
proven reserves a relatively shallow resource play. With a high demand
for gas in the region the components are all there." "
WesternGeco, a business segment of Schlumberger, is the world's leading
geophysical services company, providing comprehensive worldwide
reservoir imaging, monitoring, and development services, with the most
extensive geophysical survey crews and data processing centers in the
industry, as well as the world's largest multi-client data library.
About Adira Energy Ltd.
Adira Energy Ltd. explores for oil and gas in and offshore Israel. It
has four petroleum exploration licenses; the Eitan, Gabriella, Yitzhak
and Samuel Licenses, collectively covering an aggregate total of
approximately 350,000 acres. These licenses are located respectively
on-shore in the Hula Valley of Northern Israel and, 10 km offshore
between Netanya and Ashdod, 17 km offshore between Hadera and Netanya
and adjacent to the coast between Ashkelon and Bat-Yam. The company has
an agreement to farm in to 70% the Notera license adjacent to the Eitan
The Company has filed an independent technical report related to the
Eitan license on www.sedar.com. The report, prepared by Petrotech Engineering Ltd. is entitled
"Evaluation of the Interest of Adira Energy Corp. in License No.356
EITAN in the Hula Valley, Israel", dated June 1, 2009 and is
supplemented by a letter dated October 8, 2009.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this press release,
other than statements of historical facts, including those that
announce proposed financings that the Company expects to complete, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include the failure of investors who are believed to have
committed to the financings to complete them as a result of general
market conditions, adverse developments unique to such investors, or
otherwise. Accordingly, the actual amounts raised may differ materially
from those projected in the forward-looking statements. For more
information on the Company, investors should review the Company's
filings, available at www.sedar.com and www.sec.gov. This announcement does not constitute an offering of securities nor a
solicitation to purchase securities. An offer of securities will only
be made by subscription agreement and subject to applicable law.
SOURCE Adira Energy Ltd.
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