TORONTO -- Modi'in Energy L.P. has granted Adira Energy Inc. an option to purchase a 15% interest in the Yam Hadera license offhore Israel. The agreement is subject to approval by the Petroelum Commissioner of Israel.
Concurrently, Modi'in has signed a contract addendum for drilling on the Gabriella license. The Gabriella consortium, now Modi'in, Adira, and Brownstone Energy Inc., will take the Homer Ferrington rig from Noble Drilling upon the rig's competion of a current program, which will be as much as three months earlier than originally set.
Yam Hadera is 30 km offshore Israel, between Hadera and Haifa and northwest of Adira's Yitzhak license. According to Modi'in, Netherland, Sewell & Associates Inc. estimates that Yam Hadera has an estimated gross recoverable 133 MMbbl of oil and 1.4 tcf of gas, with a geologic probability of 17-20% for different horizons.