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Adira Energy Ltd.(CVE:ADL) reports it has received 2 independent reports disclosing resource estimates on each of the Gabriella License and Yitzhak License for its offshore properties in Israel.
The press release is quoted as saying:
Gustavson was provided with certain data by Adira including a new dual azimuth 3-D dataset recently acquired by Adira pertaining to the Licenses. The 3-D data was delivered in the form of a Quick-Look cube by WesternGeco (a division of Schlumberger Limited). The final processing of the 3-D data is scheduled to be completed in the first quarter of 2012 by CGG Veritas.
Adira’s Chairman, Dennis Bennie says:
“The vision and perseverance of Adira’s founders is closer to realization with the outstanding results delivered by Gustavson. The targeted resource strategy in shallow waters, of this significance, is very meaningful to development economics for our shareholders and for Israel. Adira is now positioned to become increasingly influential in Israel’s new oil and gas industry. We are fortunate to be able to draw on Canada’s deep experience and knowledge in this industry to facilitate Adira’s growth.”
Adira’s CEO, Hezi Kugler says:
“The results of the Gustavson resource report reinforce Adira’s confidence in the potential of our Israeli offshore licenses and our strategy of developing prospects in close proximity to existing Israeli oil and gas infrastructures. The possibility of delivering quantities of gas identified in the report as potentially existing in the Gabriella license, will have a significant effect on Israel’s natural gas market due to the relatively easy delivery to the transmission system already in place; the oil potential described in the report can be offloaded directly to the intake ports already in place on the Israeli coast and thereby contribute meaningfully to the government’s goal of reducing dependence on foreign oil imports. Adira will continue in its efforts to develop energy in Israel, for Israel.”