Modiin Energy LP has signed a detailed drilling contract with Noble International Ltd. under which the Homer Ferrington semisubmersible will spud an exploratory well on the Gabriella license offshore Israel before June 30, 2013.
Adira Energy Ltd., Toronto, operates the license, and Brownstone Energy Inc. has an interest in Gabriella. The license covers 392 sq km in 100-425 m of water in the Mediterranean 10 km northwest of Tel Aviv.
Consulting engineers determined a best estimate of 110.1 million bbl of contingent oil on the license.
Adira has three exploration licenses offshore Israel, Gabriella, Yitzhak, and Samuel. The licenses are respectively 10 km offshore between Netanya and Ashdod, 9 km offshore between Hadera and Netanya, and adjacent to the coast between Ashkelon and Bat-Yam.