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Adira Energy Ltd. (TSXV:ADL,OTCBB:ADENF,FWB:AORLB8) relinquished its 100% owned, 31,000 acre Eitan License in the Hula Valley, onshore Israel due to the conclusion of the report that the quality of the coals that were tested are poor and would not likely lead to an economically viable project.
As quoted in the press release:
After assessing the findings of its 1,000 meter well to evaluate the potential for field development, including the wireline coring of coal, desorption analysis for gas content and evaluation of geological parameters for commercial development, the Company submitted a report to the office of the Petroleum Commissioner of the Israeli Ministry of National Infrastructures (the “Ministry”). The conclusion of the report is that the quality of the coals that were tested are poor and would not likely lead to an economically viable project.
Click here to read the Adira Energy Ltd. (TSXV:ADL,OTCBB:ADENF) press release
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