Adira issues Israel reserves estimate

Offshore staff

TORONTO, Canada – Adira Energy has received two independent resource reports on its shallow water Gabriella and Yitzhak licenses offshore Israel.

These include a best estimate aggregate of 232.2 MMbbl of oil and condensate and 1.8 tcf of gas. Both reports were prepared by Houston-based Netherland, Sewell & Associates Inc.

The assessments were based on 465sq km (180 sq mi) of 3D seismic data acquired in 2010 and 2011. The data was shot on an azimuth of 23º and processed by CGGVeritas. The processed data was combined with results from a smaller 3D seismic survey shot on an azimuth of 343º.

Findings as of March 1, 2012 are:

Summary of Best Estimate Contingent and Prospective Resources

Hydrocarbon      Classification      Best Estimate Gross
Oil (44°- 47° API)   Contingent (Gabriella)   110.1 MMbbl
Oil (44°- 47° API)   Contingent (Gabriella)   79.1 MMbbl
Oil (44°- 47° API)   Prospective (Yitzhak)   79.1 MMbbl
    Total   189.2 MMbbl
         
Condensate   Prospective (Gabriella)   17.4 MMbbl
Condensate   Prospective (Yitzhak)   25.6 MMbbl
    Total
  43.0 MMbbl
         
Gas   Contingent (Gabriella)   110.1 BCF
Gas   Prospective (Gabriella)   641.1 BCF
Gas  

Prospective (Yitzhak)

  1,023.2 BCF
    Total
  1,774 BCF

 

Adira’s CEO Jeffrey E. Walter said: “The initial drilling target for the Gabriella well will be the Jurassic carbonates which have tested oil within the Gabriella license. Netherland Sewell has classified these as contingent resources with a best estimate of 110.1 MMbbl of oil. By including associated gas, this estimate would increase to 128.4 MMboe.

“Using high quality 3D seismic we were able to properly image the Yitzhak structure and significantly increase previous estimates. The targeted Jurassic carbonates in the Yitzhak license are estimated to contain 79.1 MMbbl in Netherland Sewell‘s report. Associated gas would increase this estimate to 92.3 MMboe.

“Netherland Sewell estimates a 40% chance of geologic success for the undrilled Jurassic resource potential of Yitzhak making this an attractive target for initial drilling…Projects with similar metrics to Gabriella and Yitzhak have been successfully and commercially developed in many locations around the world.”

3/13/2012

 

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