Independent Resource Reports Indicate 232.2 Million Barrels of Oil at Adira’s Yitzhak and Gabriella Licences

- March 13th, 2012

Adira Energy Ltd.(TSXV:ADL) announced that it has received the latest resource reports for its Israeli Gabriella and Yitzhak licenses. The reports were received on March 1, 2012.

Adira Energy Ltd.(TSXV:ADL) announced that it has received the latest resource reports for its Israeli Gabriella and Yitzhak licenses. The reports were received on March 1, 2012.

Highlights include:

NSAI conducted an assessment of the Gross (100%) Contingent and Unrisked Prospective Resources located in the #378 / Gabriella block and the Gross (100%) Unrisked Prospective Resources in the #380 / Yitzhak block, both as of March 1, 2012. Approximately 465-km2 of 3D seismic data was acquired in 2010 and 2011 for the Licenses. The data was shot on an azimuth of 23 degrees and was processed by CGG Veritas.

Adira, CEO, Jeffrey E. Walter, stated:

We embrace the evaluation from Netherland Sewell as further confirmation that the Gabriella and Yitzhak licenses are high quality exploration assets within Adira’s portfolio. The initial drilling target for the Gabriella well will be the Jurassic carbonates which have tested oil within the Gabriella license. Netherland Sewell has classified these as contingent resources with a best estimate of 110.1 MMbbl of oil. By including associated gas, this estimate would increase to 128.4 MMboe.

Click here to read the Adira Energy Ltd. (TSXV:ADL) press release
Click here to see the Adira Energy Ltd. (TSXV:ADL) profile

Leave a Reply