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Adira commences drilling, seismic operations in Israel

Adira Energy Ltd. announced that it has commenced drilling and workover operations on its onshore "Eitan" unconventional gas license in the Hula Valley.

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 said, "I am delighted that our team has commenced operations. We are confident in our ability to define the economic potential of this known field. The valley has potential for significant regional supply and power generation to feed Israel' s hydrocarbon hungry market. "

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."

12/15/2010

 

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