Adira Energy Downplays Speculation of Potential 270M-Barrel Find in Gabriella, Yitzchak Offshore Oil Fields; Stock Still Gains 16% Following Media Reports
Adira Energy Ltd (ADL.V) shares are up as much as 16% today dispite downplaying news reports in the Israeli media that final evaluations of its Gabriella and Yitzchak offshore licenses are now complete and indicate a 90% probability the area will yield at least 60 million barrels of oil and a 50% chance they contain 270 million barrels of oil.
Calcalist, citing unidentified sources, said Adira and its partners in the offshore plays commissioned a "fast-track" analysis instead of a more complete survey that would require quick disclosure.
In a statement, Adira said it was still waiting for survey results from Gustavson Associates LLC, adding it will publish those results as an NI 51-101-compliant report can be prepared.
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