Adira Energy Granted Extension of Drilling Contract

The Ministry of Energy and Water of the State of Israel has granted Adira Energy an extension of the dates for the execution of a drilling contract and the spudding of the first well on the Yitzak offshore license from Dec. 31, 2012 to June 30, 2013.

Yitzhak was granted to Adira and the other investors in October 2009 for an initial period of three years and renewable for an additional four years.

"This extension allows Adira additional time in order to obtain the rig required to drill the well on Yitzhak while currently focusing on the imminent drilling of Gabriella," stated CEO Jeffrey E. Walter in a statement.

Yitzhak is located offshore Israel in the shallow waters between Hadera and Netanya, directly to the North of and contiguous to the Gabriella License and covers 31,689 acres. Water depths range from 459 to 656 feet (140 to 200 meters). The company received a gross prospective resource report related to the Yitzhak license that was prepared by Gustavson Associates in September 2011.


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