Prospective Oil Resource at Adira’s Yam Hadera Rises to 208 Million Barrels

Adira Energy Ltd. (TSXV:ADL,OTCBB:ADENF) announced that it has published a revised resource report for for the Yam Hadera license, located offshore Israel. Adira has the option to buy a 15-percent participating interest in the license subject to certain conditions.

As quoted in the press release:

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.

Jeffrey E. Walter, CEO of Adira, commented:

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.

Click here to read the full Adira Energy Ltd. (TSXV:ADL,OTCBB:ADENF) press release.