TSX.V: ADL
TORONTO,
June 12, 2012 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy
Ltd. ("Adira" or the "Company") is pleased to
announce that the Ministry of Energy and Water of the State of Israel (the "Ministry") has
granted an extension of the dates for the execution of a drilling
contract and the spudding of the first well on the Gabriella and
Yitzhak licenses offshore, indicated below:
License |
New Contract Execution
Date (Original date) |
Submission of an
Environmental Study
(Original date) |
New Spud Date
(Original date) |
Gabriella |
September 1, 2012 (July 1, 2012) |
July 20, 2012 (September 1, 2012) |
June 30, 2013 (December 1, 2012) |
Yitzhak |
September 1, 2012 (July 1, 2012) |
September 1, 2012 (September 1, 2012) |
October 30, 2013 (December 1, 2012) |
The date for the submission of the Environmental
Study was brought forward (as above), and Adira management believes
they are able to submit the study within this timeline.
Jeffrey E.
Walter, Chief Executive Officer of Adira Energy stated:
"We are delighted with the Ministry of Energy and Water's
decision to extend our Gabriella and Yitzhak licenses for
approximately one year. The extensions on the licenses are a
significant event, as it allows Adira additional time in order to
secure funding to obtain the rigs required to drill the wells on
Gabriella and Yitzhak. The imminent drilling deadlines have been
placing a burden on Adira's ability to raise capital in the current
challenging global markets. With these extensions, the Company has
the ability to secure the financing required to provide the
necessary financial commitments in order to drill within the
extended timelines."
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.
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.