Modiin Energy L.P, on behalf of the Gabriella License consortium, including Adira Energy Ltd. and Brownstone Energy, has executed a detailed drilling contract with Noble International Ltd. The Agreement provides for the drilling of the Gabriella License by the Noble Homer Ferrington (DW semisub) rig prior to the government regulated spud date of June 30, 2013.
Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: "Another major milestone has been delivered to Adira's shareholders with the signing of the Homer Ferrington rig contract. 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."
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