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Israel: Adira GeoGlobal Samuel license dates extended

Israel’s Ministry of Energy and Water has granted a group led by Adira Energy Ltd., Toronto, an extension of the dates for executing a drilling contract and spudding the first well on the Samuel license offshore Israel.

The ministry extended the contract execution date to Oct. 31, 2012, environmental study submission date to July 10, 2012, and the spud date to Apr. 30, 2013. The partners feel able to submit the environmental study by the required date.

The 89,205-acre Samuel license is in 40-100 m of water just east of the Yam-2 well that tested oil in the Jurassic.

Adira GeoGlobal operates the license. License interests are Adira 38.25%, GeoGlobal Resources Inc. 45%, Pinetree Capital 10%, and Brownstone Energy Inc. 6.75%.


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