Adira Energy Ltd.(TSXV:ADL) announced that it has been granted a date extension for drilling at its Gabriella and Yitzhak licenses from the the Israeli Ministry of Energy and Water.
As quoted in the press release:
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.
Adira, CEO, Jeffrey E.Walter, said:
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. The imminent drilling deadlines have been placing a burden on Adira’s ability to raise capital in the current challenging global markets. With these extensions, the Company has the ability to secure the financing required to provide the necessary financial commitments in order to drill within the extended timelines.