Israel: Adira Energy Finalizes Yitzhak Farm-Out

Israel’s Petroleum Commissioner has granted approval to Adira Energy Ltd. for the farm-out of 25% of its interest in the Yitzhak offshore license to the AGR Group and Ellomay Oil and Gas 2011 LP, pursuant to a series of Farm-Out Agreements announced on December 5, 2011.

The Agreements are now unconditional and effective.

Adira Energy Ltd. is an energy company which explores for oil and gas on and offshore Israel. It has three petroleum exploration licenses; the Gabriella, Yitzhak and Samuel Licenses. These licenses are located respectively 10 km offshore between Netanya and Ashdod, 17 km offshore between Hadera and Netanya and adjacent to the coast between Ashkelon and Bat-Yam.

The Company has received two gross prospective resource reports related to the Gabriella and the Yitzhak licenses, prepared by Gustavson Associates and titled “Report for License #378 / Gabriella, Offshore Israel”, dated September 06, 2011 and “Report for License #380 / Yitzhak, Offshore Israel”, dated September 06, 2011, respectively.

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Offshore Energy Today Staff, January 11, 2012