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Adira Energy Ltd. confirmed that the Ministry of Energy and Water of the State of Israel has granted an extension of the dates for the execution of a drilling contract and the spudding of the first well on the Gabriella and Yitzhak licenses offshore Israel.
The date for the submission of the environmental study was brought forward and Adira management believes they are able to submit the study within this timeline.
Jeffrey E. Walter, chief executive officer of Adira, stated, "We are delighted with the Ministry of Energy and Water's decision to extend our Gabriella and Yitzhak licenses for approximately one year. The extensions on the licenses are a significant event, as it allows Adira additional time in order to secure funding to obtain the rigs required to drill the wells on Gabriella and Yitzhak.”