Feb. 2013 - Adira Energy announced its intention to suspend operations on the Gabriella license due to lack of funding by certain interest holders, lack of agreement among the license partners regarding the best way to proceed under the circumstance and the fact that Modiin Energy has not met its obligations under the Joint Operating Agreement. Due to the lack of funding and no reasonable expectations of receiving funding, Adira cannot continue to engage service providers to carry out the Gabrielle work program. Adira, as license operator, is continuing to work with the partners to resolve the issues.

Jan. 2013 - Tel Aviv's Regional Planning and Building Commission has given its approval for Adira Energy to proceed with exploratory drilling in the Gabriella license off Herzliya, Israel. Noble Drilling's Homer Ferrington (DW semisub) has been contracted to carry out the drilling program which is expected to begin during the first half of this year. The prospect is estimated to hold P50 resources ranging between 110 million barrels of oil and 1.8 trillion cubic feet of gas. Partners in the license include Adira (10% and operator), Modiin Energy (70%), Brownstone Energy (15%) and Tohar (5%).

Jun. 2012 - Adira Energy reported that Noble International has accepted a Letter of Award, which will enable Modiin Energy to execute a detailed drilling contract on behalf of the Gabriella consortium partners, including Adira and Brownstone Energy. Adira has signed a Memorandum of Understanding with Modiin Energy authorizing Modiin Energy to enter into a drilling contract with Noble Drilling and/or any of its affiliates to drill the Gabriella License prior to the revised spud date of June 30, 2013. To the extent possible, representatives of Adira shall participate in the negotiations with Noble Drilling regarding the Agreement. The consortium will now finalize the agreement to secure the Noble Homer Farrington (mid-water semisub) for a minimum of 75 days for a program that is expected to include one well plus sidetrack. Effective once the agreement has been signed, Adira grants Modiin Energy an irrevocable option to purchase from Adira a 15 percent participating interest in the Yitzhak License.

Jun. 2012 - Adira Energy announced that the Ministry of Energy and Water of the State of Israel has granted an extension of the dates for the execution of a drilling contract and the spudding of the first well at the offshore Gabriella and Yitzhak licenses. For the Gabriella license, the new contract execution date is Sept. 1, 2012; submission of an environmental study is now slated for July 20, 2012; and the new spud date is June 30, 2013. For the Yitzhak license, the new contract execution date is Sept. 1, 2012; submission of an environmental study is Sept. 1, 2012; and the new spud date is Oct. 30, 2013. The submission date of the Environmental Study was moved forward, and Adira management believes that they will be met by the deadline.

Apr. 2012 - Adira Energy is moving forward with plans to spud two exploration wells in late 2012 hoping to investigate Jurassic-aged fractured carbonates in the Syrian Arc structural trend, off the coast of Israel. The company said it is in the process of securing a rig to drill back-to-back wells in the Yitzhak and Gabriella licenses beginning in the fourth quarter of 2012. The Adira partnership will initially drill its first well within the Gabriella license to appraise a reservoir discovered by Isramco's Yam-Yafo wildcat nearly two decades ago. The well tapped the Zohar formation, and flow rates at the time were about 800 bopd. The Gabriella prospect will be drilled in 394 feet (120 meters) of water to a target depth of about 16,076 feet (4,900 meters).

Dec. 2010 - Adira Energy has contracted WesternGeco to complete a geophysical survey on the Yitzhak and Gabriella licenses offshore Israel, seeking to target oil prospects in this region. WesternGeco will use dual axis survey data (technology never used in Israeli waters) to determine a prospect's exact target and structure. Two separate 3D surveys will overlay each other at opposing axes; and currently, the first program is underway and nearing completion. Adira plans to complete the first two programs, Gabriella, Yitzhak, in early January and will then commence its 74,132 acre (300 square kilometer) 3D survey on the Samuel license by 3Q11.