Adira Clinches Signifcant Interest Offshore Israel
The Israeli Petroleum Commissioner's office awarded Adira Energy the Samuel petroleum license, located offshore Israel. Adira Energy holds a combined interest rate of 38.25% held through subsidiaries Adira Oil Technologies (100%) and Adira GeoGlobal Ltd (60%). The other consortium members consist of GeoGlobal Resources (India), Brownstone Ventures, and Pinetree Capital. A gross overriding royalty in the amount equal to 3% shall be granted to and registered in the name of Adira GeoGlobal. Adira GeoGlobal and GeoGlobal Resources (India) were designated as joint Operators of the license.