Adira Energy finds signs of gas in Hula Valley

Adira has completed 3-D seismic surveys of its offshore Gabriella and Yitzhak licenses that will help define anticipated oil targets.

By GLOBES' CORRESPONDENT
March 21, 2011 23:12
1 minute read.
Offshore Leviathan gas field.

leviathan gas drill. (photo credit: (Albatross))

 
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Adira Energy Corporation has completed 3-D seismic surveys of its offshore Gabriella and Yitzhak licenses that will help define anticipated oil targets, the company said Monday. It expects to receive the results of the data processing of the survey in the third quarter, at which point it will decide whether it is worthwhile drilling at the licenses.

Adira is preparing to carry out a 3-D seismic survey, using Ocean Bottom Deployed Cables (OBC) technology, of its offshore Samuel license.

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Adira also said its drilling team at the Eitan gas license in the Hula Valley has reworked three existing wells, all of which have a gas presence, and pumps have been ordered for installation. A test well was drilled to delineate shallow sands, and the rig has now been moved onto a coalbed methane well that is being drilled to test gas content in the coals between 400 and 800 meters, Adira said.

Specialists experienced in testing developing unconventional gas fields are on-site, and a field laboratory has been mobilized for intensive testing.

Although Adira is a Canadian company traded in Toronto, New York and Frankfurt, it is engaged is gas and oil exploration in Israel. It sold 70 percent of the Gabriella license to Modiin Energy LP, which is controlled by Tzachi Sultan and Nochi Dankner.

Adira has stakes in four licenses – Gabriella, Yitzhak, Samuel and Eitan – that have a total area of 350,000 dunams. The Eitan license is in the Hula Valley, and the other three licenses are in shallow water: Gabriella, located 10 kilometers offshore between Ashdod and Netanya; Yitzhak, 17 km. offshore between Hadera and Netanya; and Samuel, adjacent to the coast between Ashkelon and Bat Yam.

Adira’s Israeli shareholders include Eli Barkat’s BRM Capital, Lapidoth Israel Oil Prospectors Corporation Ltd.

and investment bankers Halman and Aldubi. Foreign investors include Quantum Partners LP, managed by Soros Fund Management LLC, which invested $6.5 million in the company in February.

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