Offshore staff

TORONTO – Noble Drilling has accepted a letter of award for use of the semisubmersible Noble Homer Ferrington for a drilling program offshore Israel.

Modiin Energy will execute the drilling contract on behalf of the Gabriella license partners, including Adira Energy and Brownstone Energy.

According to Adira, the aim is to secure the rig for a minimum of 75 days to drill at least one well and one side track.

Jeffrey E. Walter, CEO of Adira, said: “We are excited that we have been able to secure a high quality rig, given the global shortage of semisubmersibles rigs. The additional benefit to Adira is that the memorandum of understanding enables Modiin Energy, our 70% partner, to sign the rig contract and take the financial obligation for the consortium. The MOU further ensures that all the partners are committed to drill this well.

“In exchange for their financial obligation, Adira has granted Modiin a 15% option to participate on our other high quality oil potential block - the Yitzhak license, in which we currently have a 60% working interest. This farm-out option is a continuation of the company’s strategy to farm down our working interest in Yitzhak prior to the spud date of Oct. 30, 2013. Modiin recognizes that the Yitzhak license is added value to the Gabriella project.”

6/14/2012