TSX.V: ADL
TORONTO,
July 18, 2013 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy
Ltd. ("Adira" or the "Company") is pleased to
announce that further to its press release dated December 24, 2012, Modi'in Energy L.P
("Modi'in") has published a revised resource report (the
"Report") in respect of the Yam Hadera license, offshore
Israel ("Yam Hadera"), in
which Adira has an option (the "Option") to purchase up to a
15% participating interest therein, subject to Adira's fulfilment
of certain obligations under the settlement agreement among the
Gabriella license participants, as announced on July 1, 2013.
Yam Hadera is located 30 kilometers offshore
Israel, between Hadera and
Haifa contiguous and directly
North West of Adira's Gabriella and Yitzhak licenses. According to
Modi'in's public disclosure dated July 17,
2013, the Report, prepared by Netherland, Sewell &
Associates Inc. ("NSAI") and dated July 14, 2013, provides that Yam Hadera has a
best estimate of gross recoverable prospective resources of 208
million barrels of oil ("MMBO") (revised upwards from 133
MMBO) and 3.4 trillion cubic feet ("TCF") of natural gas
(revised upwards from 1.4 TCF of natural gas), with a geologic
probability of success of between 17%-29% for different horizons.
The Report is based on reinterpretation of seismic data relating to
the Northern closure of the license.
Adira is entitled to exercise the Option until
14 business days before the signing of a rig contract for Yam
Hadera.
Jeffrey E.
Walter, CEO of Adira Energy, stated "The
revised best estimate of gross recoverable prospective resources of
oil and gas on the Yam Hadera license is extremely encouraging as
the improved estimates, complements our existing portfolio of high
impact oil blocks in the proven oil trend offshore Israel and enables our shareholders to
participate more significantly in the emerging oil story of the
Eastern Mediterranean."
The Report was prepared in accordance with
Modi'in's disclosure requirements for the Tel Aviv Stock Exchange,
and complies with the relevant guidelines set forth in the 2007
Petroleum Resources Management System (PRMS) approved by the
Society of Petroleum Engineers (SPE). There is no certainty that
any portion of the resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to
produce any portion of the resources. The Company has relied on the
public disclosure of Modi'in and has not independently verified the
results disclosed in the Report.
About Adira Energy Ltd.
Adira Energy Ltd. is an oil and gas company
which is focused in the Eastern Mediterranean. The Company has
three petroleum exploration licenses offshore Israel; the Gabriella, Yitzhak and Samuel
Licenses. These licenses are located respectively 10 km offshore
between Netanya and Ashdod, 17 km offshore between Hadera and
Netanya and adjacent to the coast between Ashkelon and Bat-Yam. The Company also has an
option on the Yam Hadera License, offshore Israel, which is located 30 kilometers
offshore Israel, between Hadera
and Haifa and North West of
Adira's Yitzhak license.
Forward-Looking Statement Disclaimer
This press release includes certain statements
that may be deemed "forward-looking statements". All statements in
this press release, other than statements of historical facts, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on the Company's internal
projections, estimated or beliefs, concerning, among other things
an outlook on the estimated amounts and timing of exploration work
and capital expenditures or other expectation, beliefs, plans,
objectives, assumption, intentions or statements about future
events or performance, which are considered by management to be
reasonable at the time made. Actual events or results may differ
materially. Although the Company believes that the expectations
reflected in the statements are reasonable, it cannot guarantee
future results since such results are inherently subject to
significant business, economic, corporate, political and social
uncertainties and contingencies. Many factors cause the Company's
actual results to differ materially from those expressed or implied
in any forward looking statements made by, or on behalf of, the
Company and the foregoing stated factors are not exhaustive. The
statements contained herein are made as of the date hereof and the
Company disclaims any intent or obligation to update publicly any
forward looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable law. Company shareholders and potential investors should
carefully consider the information contained in the Company's
filing with Canadian securities administrators at www.sedar.com
before making investment decisions with regard to the Company.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Adira Energy Ltd.