Israel

Modiin Energy General Partners, an Israeli partnership, took a farmout on the Gabriella license in the eastern Mediterranean 10 km off Israel from Adira Energy Ltd., Toronto.

By OGJ editors
HOUSTON, Jan. 29
– Modiin Energy General Partners, an Israeli partnership, took a farmout on the Gabriella license in the eastern Mediterranean 10 km off Israel from Adira Energy Ltd., Toronto.

MELP will finance Adira’s $1.2 million share of the $8 million work budget to earn a 70% interest in the license. This is in addition to Brownstone Ventures Inc.’s right subject to conditions to earn a 15% participating interest.

The 390 sq km license is in shallow water between Netanya and Ashdod. The 3-year license granted July 15, 2009, calls for a 3D seismic survey and drilling one exploration well to 5,000 m. Adira also holds the Eitan and Yitzhak licenses.

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