Adira Energy Applies for Extension of Drill Contract and Spud Dates on its Samuel License, Offshore Israel

Apr 05, 2013, 10:11 ET from Adira Energy Ltd.


TORONTO, April 5, 2013 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd. ("Adira" or the "Company") announces today that on March 27, 2013, it applied to the Ministry of Energy and Water of the State of Israel for an extension of the dates for the execution of a drilling contract and for the spud of the first well on the Samuel license, offshore Israel, indicated below:

  Current Milestones Requested Extension
Contract Date March 31, 2013 March 31, 2014
Spud Date April 30, 2013 September 30, 2014

About Adira Energy Ltd.

Adira Energy Ltd. is an oil and gas company which is focused in the Eastern Mediterranean. The Company has three petroleum exploration licenses offshore Israel; the Gabriella, Yitzhak and Samuel Licenses. These licenses are located respectively 10 km offshore between Netanya and Ashdod, 17 km offshore between Hadera and Netanya and adjacent to the coast between Ashkelon and Bat-Yam. The Company also has an option on the Yam Hadera License, offshore Israel, which is located 30 kilometers offshore Israel, between Hadera and Haifa and North West of Adira's Yitzhak license.

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SOURCE Adira Energy Ltd.