has reported buying 9,012,000 shares Adira Energy Ltd (
) at the average price of $0.14 on Aug. 9, 2012, according to
GuruFocus Real Time Picks
. He owns 9,012,000 shares, equivalent to 4.99% of the company.
The stock price has declined by 24%.
Adira Energy is an oil and gas company based in Canada and Israel
with exposure to the East Mediterranean, which has two of the
world's largest gas deposits discovered in the decade, and is
working on undiscovered and newly discovered oil and gas
resources in Israel. Last month, the company raised $11.1 million
in a prospectus offering which it will use toward expanding
exploration and development programs on its Gabriella, Yitzhak
and Samuel licenses, and for general corporate purposes.
"Over the last several months we have delivered extensions to all
of our licenses, extended drilling contract commitment dates,
added Board members with significant industry experience, and
recently contracted a rig for our core asset "Gabriella". We
continue to make excellent progress and remain focused on our
program in the Eastern Mediterranean. We confidently believe that
Adira's assets and experienced team will be instrumental in
enabling oil to be the next headline resource in Israel," Adira
CEO Jeffrey E. Walter said in a statement.
Recent discoveries of huge natural gas fields in Israel have been
heralded by news outlets and government officials as potentially
transformative for the nation's economy. The size of resources
already discovered could be enough to meet the nation's demand
for more than 150 years, according to Bloomberg.
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