Adira halts work on permit offshore Israel

Offshore staff

TORONTO – Adira Energy has suspended operations on its Gabriella license offshore Israel.

The company cites a lack of funding to pursue the current work program, and lack of agreement among the licensees on how to proceed. It also claims that Modi’in Energy has not met its obligations under the joint operating agreement (JOA) or under other agreements in place among the JOA parties.

As operator, Adira says it cannot continue to engage service providers and providers of equipment and material without sufficient funds, or reasonable expectation of cash being provided by the license partners.

The company continues to work with the partners to resolve these issues.

The Gabriella license is 10 km (6.2 mi) northwest of Tel Aviv, covering 392 sq km (151 sq mi) in water depths ranging from 100 m (328 ft) on the east side to more than 425 m (1,394 ft) on the southwest side.

Netherland, Sewell & Associates estimates a potential 110.1 MMbbl of oil could be present on the license.

2/12/2013

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