On behalf of the Gabriella License consortium, including Adira Energy (TSXV:ADL,OTCBB:ADENF) and Brownstone Energy, Modiin Energy L.P, has executed a detailed drilling contract with Noble International Ltd.
As quoted in the press release:
The Agreement provides for the drilling of the Gabriella License (the “License”) by the Noble Homer Farrington semi-submersible rig prior to the government regulated spud date of June 30, 2013.
Adira Energy CEO Jeffrey E. Walter said:
Another major milestone has been delivered to Adira’s shareholders with the signing of the Homer Farrington rig contract. This will enable us to drill the highly anticipated Gabriella License which is Adira’s core asset. With over 110 million barrels of contingent oil resources, this project is important to Adira as well as a fundamental key in moving forward on the oil potential offshore Israel.