Adira Energy Partner Signs Addendum to Drilling Contract Accelerating Drilling Commencement of Gabriella Well

Adira Energy Partner Signs Addendum to Drilling Contract Accelerating Drilling 
Commencement of Gabriella Well 
(FRANKFURT: AORLB8). Adira Energy Ltd. ("Adira" or the "Company") is pleased 
to announce that further to its press release dated June 23, 2012, Modi'in 
Energy L.P ("Modi'in") signed an addendum to the detailed drilling contract 
(the "Addendum") it has with Noble International Limited ("Noble Drilling") in 
respect of the Company's Gabriella licence ("Gabriella"). Adira further 
announces it has entered into a corresponding agreement (the "Agreement") with 
Modi'in and Brownstone Energy Inc. 
The Addendum amends key terms of the original drilling contract to include 
among others, the provision of (i) a Letter of Credit as collateral to Noble 
Drilling in two phases; $20 million by January 3, 2013 and $13.2 million by 
January 31, 2013 (Adira's corresponding obligation is to provide its 
proportionate contribution in the amount of $5 million by January 25, 2012;  
(ii) a reduction in the daily drilling rate from $500,000 per day to 
$415,000 per day; (iii) to the extent used, reduction in stand-by rates to 
between $100,000 and $300,000 per day; and (iv) the Gabriella consortium 
taking possession of the Homer Ferrington rig directly after the completion of 
its current drilling program, which is up to three months earlier than 
originally anticipated. 
In terms of the Agreement, Modi'in has granted to Adira, an irrevocable option 
to purchase ("Option") from Modiin, a 15% participating interest in the Yam 
Hadera petroleum license ("Yam Hadera"), offshore Israel. Yam Hadera is 
located 30 kilometers offshore Israel, between Hadera and Haifa and North West 
of Adira's Yitzhak license. According to Modi'in's public disclosure, a report 
("Report") prepared by Netherland, Sewell & Associates Inc. ("NSAI"), dated 
October 31, 2011, provides that Yam Hadera has a best estimate of gross 
recoverable prospective resources of 133 million barrels of oil and 1.4 
trillion cubic feet (TCF) of natural gas, with a geologic probability of 
success of between 17%-29% for different horizons. Adira shall be entitled to 
exercise the Option until 14 business days before the signing of a rig 
contract for Yam Hadera. 
If Adira exercises the Option, it agrees to reimburse Modi'in for its share of 
the past expenditures in respect of its 15% share, incurred by Modi'in in 
connection with the operations conducted in Yam Hadera up to the date of 
transfer of the Option interest. Adira's share of this expenditure is not 
expected to be in excess of $900,000. Modi'in will also be entitled to an 
overriding royalty interest ("ORRI") from Adira of 3% in all oil and gas 
(including any distillate and condensate) produced, saved and marketed from 
the area covered by Yam Hadera that is attributable to the Option interest, 
before Payout, and 4.5% after Payout. The transfer of the Option interest is 
subject to the approval of the Petroleum Commissioner of Israel. 
The Report was prepared in accordance with Modi'in's disclosure requirements 
for the Tel Aviv Stock Exchange, and complies with the relevant guidelines set 
forth in the 2007 Petroleum Resources Management System (PRMS) approved by the 
Society of Petroleum Engineers (SPE). The Company has engaged NSAI to complete 
a National Instrument 51-101 - Standards of Disclosure For Oil and Gas 
Activities compliant report, the results of which we will be disclosed when it 
becomes available. There is no certainty that any portion of the resources 
will be discovered. If discovered, there is no certainty that it will be 
commercially viable to produce any portion of the resources. 
The Agreement further provides that in the event that Modi'in secures a 
farm-in partner of its participating interest in Gabriella, Adira will 
proportionally reduce its ORRI's, buy-back rights and management fees, set out 
in the farm-out agreement between Modi'in and Adira, dated January 26, 2010, 
up to a maximum of 30% of such ORRI, buy-back right and management fee. 
Adira's proportional reduction obligation will only be applied to partners 
that have farmed into Modi'in's participating interest in Gabriella, up to a 
date that is the earlier of the (a) commencement of the first test of the 
first well on Gabriella; or (b) plugging and abandoning or suspending of the 
first well on Gabriella. Any consideration received by Modi'in from any 
farm-in partner will be shared equally between Adira and Modi'in, provided 
that at a minimum, Adira will receive 50% of past costs incurred by Modi'in up 
to the date of the Agreement, estimated to be $1.3 million per each 10% farmed 
out, as well as an ORRI of 1.5%. In addition, Adira will have a 10% tag along 
right to farm-out, on the same terms to the farm in partner that farms into 
Modi'in's participating interest in Gabriella, in the event that such partner 
complies with certain criterion. 
Jeffrey E. Walter, CEO of Adira Energy, stated "Due to changes in the drilling 
schedule of the offshore licenses in the area, this new arrangement with Noble 
Drilling will allow the consortium to drill the Gabriella well sooner than 
anticipated. Additionally, we are fortunate to have the option to acquire an 
interest in the Yam Hadera license, which complements our existing portfolio 
of high impact oil blocks in the proven oil trend offshore Israel and enables 
our shareholders to participate more significantly in the emerging oil story 
of the Eastern Mediterranean." 
About Adira Energy Ltd. 
Adira Energy Ltd. is an oil and gas company which is focused in the eastern 
Mediterranean. The Company has interest in three petroleum exploration 
licenses offshore Israel; the Gabriella, Yitzhak and Samuel Licenses. These 
licenses are located respectively 10 km offshore between Netanya and Ashdod, 9 
km offshore between Hadera and Netanya and adjacent to the coast between 
Ashkelon and Bat-Yam. 
Forward-Looking Statement Disclaimer 
This press release includes certain statements that may be deemed 
"forward-looking statements". All statements in this press release, other than 
statements of historical facts are forward-looking statements. Although the 
Company believes the expectations expressed in such forward-looking statements 
are based on reasonable assumptions, such statements are not guarantees of 
future performance, and actual results or developments may differ materially 
from those in the forward-looking statements. Forward-looking statements are 
based on the Company's internal projections, estimated or beliefs, concerning, 
among other things an outlook on the estimated amounts and timing of 
exploration work and capital expenditures or other expectation, beliefs, 
plans, objectives, assumption, intentions or statements about future events or 
performance, which are considered by management to be reasonable at the time 
made. Actual events or results may differ materially. Although the Company 
believes that the expectations reflected in the statements are reasonable, it 
cannot guarantee future results since such results are inherently subject to 
significant business, economic, corporate, political and social uncertainties 
and contingencies. Many factors cause the Company's actual results to differ 
materially from those expressed or implied in any forward looking statements 
made by, or on behalf of, the Company and the foregoing stated factors are not 
exhaustive. The statements contained herein are made as of the date hereof and 
the Company disclaims any intent or obligation to update publicly any forward 
looking statements, whether as a result of new information, future events or 
results or otherwise, except as required by applicable law. Company 
shareholders and potential investors should carefully consider the information 
contained in the Company's filing with Canadian securities administrators at before making investment decisions with regard to the Company. 
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that 
term is defined in the policies of the TSX Venture Exchange) accepts 
responsibility for the adequacy or accuracy of this release. 
Canada  Alan Friedman Exec. Vice President +1 416 
250 1955 
Julia Maxwell Manager, Investor Relations +1 416 361 
Israel Irit Radia Corp. Dev. Arad Communications 
+972-3-7693333 or +972-54-6699311 
SOURCE: Adira Energy Ltd. 
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CO: Adira Energy Ltd.
ST: Ontario
-0- Dec/24/2012 17:48 GMT
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