FRANKFURT: AORLB8; OTCBB: ADENF
ADIRA ENERGY AWARDED SIGNIFICANT INTEREST IN NEW PETROLEUM LICENSE
Toronto, Ontario, June 17, 2010 / CNW ADIRA ENERGY LTD. (OTCBB: ADENF; FRANKFURT:
AORLB8) . Adira Energy Ltd. (“ Adira Energy ” or the “ Company ”) is pleased to announce that the Israeli
Petroleum Commissioner’s office has notified the Company that, during the most recent sitting of the Israeli
Petroleum Board, a consortium led by Adira Energy was awarded a petroleum license offshore Israel (the “
Samuel License ”).
Adira Energy holds a combined minimum interest of 38.25% in the Samuel License held through subsidiaries
Adira Oil Technologies Ltd. (100%) and Adira GeoGlobal Ltd (60%).
The other consortium members are comprised of GeoGlobal Resources (India) Inc., Brownstone Ventures Inc.,
and Pinetree Capital Ltd.
A gross overriding royalty in an amount equal to 3% shall be granted to and registered in the name of Adira
Adira GeoGlobal Ltd. and GeoGlobal Resources (India) Inc have been designated as joint Operators of the
Samuel License. Adira GeoGlobal Ltd. shall be paid an aggregate operating fee equal to 7.5% of the cumulative
direct costs incurred in connection with operating the Samuel License.
About the Samuel License
The Samuel License area is located adjacent to the coast of Israel and runs between Ashkelon and Bat Yam. The
Samuel License is contiguous and south east of the Company’s Gabriella License. The license area is in shallow
water with many of the key targets in less than 100 meters of water. Shallow water drilling significantly decreases
drilling costs and operating risks and allows the Company to make use of jack up rigs. The prospects are located
along the existing Mari B pipeline and close to shore providing a significant cost and time savings in the full
development of this prospect. The Samuel License has been granted for an initial period of three years.
Jean Paul Roy, CEO and President of GeoGlobal Resources group and a joint