Adira Energy Ltd. has received a revised resource report for the Yam Hadera license that is situated offshore Israel. The report, conducted by Netherland, Sewell & Associates Inc., was prepared for operator of the license Modiin Energy L.P.
The best estimates for unrisked, gross prospective oil resources at the license were increased by 57 percent to 208 million barrels, the company said in a statement Thursday. Estimates for natural gas were raised by 146 percent to 3.4 trillion cubic feet.
Consultants Netherland, Sewell & Associates also estimated a geologic probability of success between 17 to 29 percent for different horizons. These figures are based on reinterpretation of seismic data relating to the northern closure of the license, Adira said.
Adira has an option to purchase up to a 15 percent participating interest in the license and can exercise this option until 14 business days before the operator signs a rig contract for the license. Modiin has a 100 percent stake in the license.
“The revised best estimate of gross recoverable prospective resources of oil and gas on the Yam Hadera license is extremely encouraging as the improved estimates complements our existing portfolio of high impact oil blocks in the proven oil trend offshore Israel, and enables our shareholders to participate more significantly in the emerging oil story of the eastern Mediterranean,” said Jeffrey Walter, CEO of Adira Energy.
Yam Hadera is situated 19 miles offshore Israel and directly north of Adira's Gabriella and Yitzhak license. Israel's Mediterranean coast has recently become an exporter of natural gas due to its latest large discoveries. The Tamar natural gas field is estimated to hold 10 trillion cubic feet of natural gas; and the Leviathan field is estimated to hold 19 trillion cubic feet of natural gas.
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