TORONTO – Israel’s government has granted an extension for Adira Energy’s work commitments for the offshore Yitzhak and Gabriella licenses.
The oil-prospective Yitzhak license, in which the company has a 70% operated interest, has been extended to Oct. 15, 2014. The partners must submit an Environmental Impact Assessment to the Central District Planning Committee of the State of Israel by Jan. 1, and execute a drilling contract by Sept. 30, 2014.
TheGabriella license has been extended to Sept. 1, 2014. In this case, the partners must submit a request for the approval of a new operator by Feb. 28, 2014; execute a drilling contract by April 30; complete an antisotropic pre-stack depth migration and coherent subsurface model by July 31; and spud an exploration well by Aug. 31.
Adira has an option to also acquire 15% in the offshoreYam Hadera license. Here another extension has been granted, contingent on the partners submitting a request for approval of a new operator by Feb. 28, 2014; putting in place a drilling contract by May 31, 2014; issuing an Environmental Assessment by May 31, 2014; and spudding a well by Aug. 31, 2014.
However, Adira has relinquished the offshoreSamuel license due in part to difficulty raising funds for its multi-well programs.