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Adira Energy partner enters into contract with Noble to drill offshore Israel

TORONTO -- Adira Energy Ltd. announced 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. The agreement provides for the drilling of the Gabriella license offshore Israel by the semi-submersible Noble Homer Farrington prior to the government regulated spud date of June 30, 2013.

Jeffrey E. Walter, Chief Executive Officer of Adira Energy said, "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 Farrington 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 km northwest of Tel Aviv, in the waters offshore Israel. The block covers an area of approximately 392 sq km and is in water depths that range from 100 m on the east side of the block to just over 425 m on the southwest side of the block.

07/24/2012

 

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