Offshore Israel well deadline pushed back to 2013

Israel’s Ministry of Energy and Water has granted Adira Energy (TSXV:ADL;OTCBB:ADENF) an extension of the dates for execution of a drilling contract on the offshore Samuel license.

Offshore staff

TORONTO – Israel’s Ministry of Energy and Water has granted Adira Energy (TSXV:ADL;OTCBB:ADENF) an extension of the dates for execution of a drilling contract on the offshore Samuel license.

The new deadline is Oct. 31, 2012, with the spudding of the first well put back from Oct. 1 to April 30, 2013.

Jeffrey E. Walter, CEO of Adira Energy, said: “Following last month’s decision by the Ministry of Energy and Water to extend ourGabriella and Yitzhak licenses, we are delighted that the Ministry has also extended our Samuel license. This is another significant achievement for Adira, as it gives us flexibility in our ability to identify a rig…”

7/5/2012

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