Adira Energy Ltd. has commenced drilling and workover operations on its onshore "Eitan" unconventional gas license in the Hula Valley.
After successfully obtaining all necessary regulatory permits, the company has moved its drill rig and associated equipment onto site and commenced operations on its first of three workovers. It is anticipated that the workovers will be completed in early January, 2011 and will then commence drilling and wireline coring operations on three new gas wells.
This program is estimated to take three to four months to complete and will include desorption and adsorption analysis of key coal and shale intersect in the wells. Once this assessment is complete the study will provide an understanding of the gas contents, structure and economic feasibility of an unconventional resource play in the region. The Eitan project is located in Hula Valley basin, Northern Israel near the head of the Jordan River Valley.
Adira has engaged a team of industry experts experienced in tight and unconventional gas exploration and development in this project.
Ilan Diamond, CEO of Adira Energy said, "We are confident in our ability to define the economic potential of this known onshore gas field,” said Ilan Diamond, Adira’s chief executive officer. “The valley has potential for significant regional supply and power generation to feed Israel's hydrocarbon hungry market.”
Colin Kinley, commented, "The Hula presents a unique opportunity for gas developments,” added Colin Kinley, Adira’s president and chief operating officer. “We are at the dawn of a new era in upstream exploitation technologies around the world and projects not dissimilar to this one, are now being developed, where they have gone unnoticed or been impossible to exploit in the past. We have a world class team, significant resource potential, proven reserves a relatively shallow resource play. With a high demand for gas in the region the components are all there.”
About Adira Energy Ltd.
Adira Energy Ltd. explores for oil and gas in and offshore Israel. It has four petroleum exploration licenses; the Eitan, Gabriella, Yitzhak and Samuel Licenses, collectively covering an aggregate total of approximately 350,000 acres.
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