Israel Govt Grants Adira Samuel License Extension

Adira Energy Ltd. announced that the Ministry of Energy and Water of the State of Israel has granted an extension of the dates for the execution of a drilling contract and the spudding of the first well on the Samuel offshore Israel license as indicated below:

  Original Date Revised Date
Contract Execution Date July 1, 2012 October 31, 2012
Submission of an Environmental Study - July 10, 2012
Spudding of First Well October 1, 2012 April 30, 2013

The date for the submission of the Environmental Study is a new required milestone, and Adira management will submit the study within this timeline.

This extension complements those extensions granted for the execution of drilling contracts and the spudding of the first wells for the Gabriella and Yitzhak Licenses (as announced June 12, 2012), thus providing the Company with sufficient time to execute on its entire License portfolio.

Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: "Following last month's decision by the Ministry of Energy and Water to extend our Gabriella and Yitzhak licenses, we are delighted that the Ministry has also extended our Samuel license. This is another significant achievement for Adira, as it gives us flexibility in our ability to identify a rig and sign a contract."


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