Adira Energy Ltd., Toronto, has relinquished its 100% owned, 31,000-acre Eitan license in the Hula Valley onshore northern Israel.
After assessing the findings of its 1,000-m well to evaluate the potential for field development, including the wireline coring of coal, desorption analysis for gas content, and evaluation of geological parameters, the company submitted a report to the office of the petroleum commissioner of the Israeli Ministry of National Infrastructures. The company concluded that the quality of the coals tested is poor and that an economically viable project would not likely result.
Adira has recommended returning the license, coordinating with the ministry the activities necessary for closing the project including permanent abandonment of the well, returning the site to the landowners, and selling its drilling equipment.
Adira continues to concentrate efforts on developing its Gabriella, Yitzhak, and Samuel licenses in the Mediterranean off Israel.