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Adira Energy awarded significant interest Offshore Israel


Published Jun 18, 2010
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Adira Energy in Israel

Adira says that the Israeli Petroleum Commissioner's office has notified the Company that, during the most recent sitting of the Israeli Petroleum Board, a consortium led by Adira Energy was awarded a petroleum license offshore Israel (the "Samuel License").

Adira Energy holds a combined minimum interest of 38.25% in the Samuel License held through subsidiaries Adira Oil Technologies. (100%) and Adira GeoGlobal Ltd (60%).

The other consortium members are comprised of GeoGlobal Resources (India), Brownstone Ventures, and Pinetree Capital.

A gross overriding royalty in an amount equal to 3% shall be granted to and registered in the name of Adira GeoGlobal.

Adira GeoGlobal and GeoGlobal Resources (India) have been designated as joint Operators of the Samuel License. Adira GeoGlobal shall be paid an aggregate operating fee equal to 7.5% of the cumulative direct costs incurred in connection with operating the Samuel License.

Tags: Adira Energy Ltd.



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