Adira Energy Limited (ADL.V) reports that further to its press release dated June 23, 2012, Modi'in Energy L.P signed an addendum to the detailed drilling contract it has with Noble International Limited regarding the Company's Gabriella licence. Adira further announces it has entered into a corresponding 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.
In terms of the Agreement, Modi'in has granted to Adira, an irrevocable option to purchase from Modiin, a 15% participating interest in the Yam Hadera petroleum license offshore Israel.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
