Israel: Adira to farm out Mediterranean stakes

Adira Energy Ltd., Toronto, will farm out partial interests in its Mediterranean licenses offshore Israel to Tohar Hashemesh Ltd.

Adira will farm out 5% of its working interest in its Gabriella license, 10% of its Yitzhak license, and 10% of its Samuel license. Also, 2.5% of Adira’s working interest in Gabriella will be carried. Gabriella is to be drilled in the first half of 2013, followed by Samuel and Yitzhak later next year.

Meanwhile, Israel’s Ministry of Energy and Water extended the date for executing a drilling contract on the Samuel license.

Tohar Hashemesh will reimburse $1.6 million or 50% of Adira’s costs incurred on the licenses and will pay the other 50% upon registration of its interest with the ministry. Additional terms and conditions apply.

Following approval of the agreements, excluding options granted to Tohar Hashemesh, Adira will hold 10% of Gabriella in addition to the 15% back in option, 50% of Yitzhak, and 31.25% of Samuel.

Related Articles

SHELL HOMES IN ON TROLL FIELD DEVELOPMENT

01/08/1990 Norske Shell will recommend to partners that Troll gas field in the Norwegian North Sea be developed using multiphase flow pipelines and onshore pr...

WASHINGTON TO DETERMINE OCS LEASE SALE SCHEDULE

01/08/1990 Patrick Crow Washington Editor The U.S. government will make critical decisions on the future of Outer Continental Shelf leasing this year. And it ...

ENVIRONMENTAL CONCERN OUTWEIGHS ACTION ON ENERGY IN CONGRESS

01/29/1990 Patrick Crow Washington Editor U.S. environmental issues will continue to outweigh energy concerns in this session of Congress. And the environment...

NEW SITES SHOULD REFIRE PARADOX INTEREST

02/05/1990 John C. McCaslin Exploration Editor There are more growing signs of renewed exploratory interest in the Paradox basin of the Four Corners region. C...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected