Adira commissions Israeli resource overview

Offshore staff

TORONTO -- Adira Energy has contracted Gustavson Associates in Boulder, Colorado, for resource interpretation and evaluation of Adira’s licenses offshore Israel.

Gustavson will provide geophysical, petrophysical, geological, and engineering services on Adira’s three Israeli offshore permits, Gabriella, Yitzhak, and Samuel. Adira operates the first two concessions and is co-operator of Samuel.

Recently, 3D geophysical programs were acquired on Gabriella and Yitzhak, and the first phase of processing is now complete, with CGGVeritas performing detailed processing.

The Samuel 3D contractor, Moscow-based ARIS Nefterazvedska, is mobilizing to the license area to complete an ocean bottom cable-deployed survey. Other regional data will be obtained to provide initial characterization.

Colin Kinley, Adira Energy president and COO, said: “Gustavson support will provide adequate assurances of the quality of our resource and the selection of our targets. We are focused on independent oil targets on each license and are encouraged by the quality of the data obtained from the geophysical program.”

Yael Reznik Cramer, interim CEO, said: “We believe that the potential exists for significant oil in Israel. As in the gas discoveries, early indications defining the fundamentals exist.”

Kinley added: “We anticipate completion of resource evaluation on Yitzhak, Gabriella, and Samuel by the end of the third quarter. Assuming fasttrack quality is sufficient to support further quantification, the company will engage an independent major consultancy firm to establish economic risking of the targets, and an anticipated valuation of each of the blocks.

“Adira is focused on establishing credible targets and valuations thereof to define drilling schedules.”

05/10/2011



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