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.

March 21, 2011 23:12
1 minute read.
Offshore Leviathan gas field.

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


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

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.

Be the first to know - Join our Facebook page.

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.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection