Adira Energy is an oil and gas exploration company focused exclusively on Israel. It has working interests in three offshore and one onshore exploration licenses in Israel. It is capitalized to complete exploration through pre-drilling stages. Independent resource reports on two of its fields indicate potential resources. The company has offices in Israel and Canada, and an experienced board and management team with expertise in the Israeli energy sector.

1. TSX.V: ADL
A TSX-V Listed Oil and Gas Company
Exclusively Focused On and Offshore Israel
Corporate Presentation
October 2011

2. TSX.V: ADL
Forward Looking Statements
Except for statements of historical fact relating to Adira Energy Ltd., Adira Energy Israel Ltd., Adira Energy Israel Services Ltd., Adira Oil Technologies
Ltd., Adira Geo Global Ltd. ("Corporations”), certain information contained herein, including statements regarding the volume of well's natural gas
reserves constitutes "forward-looking statements" within the meaning of the United States Private Litigation Reform Act of 1995 or "forward-looking
information" within the meaning of the Securities Act (Ontario) or Forward Looking Statements as defined under the Israel Securities' Law. Forward-
looking statements are frequently characterized by words such as "target,” "plan,” "expect,” "project,” "intend,” “believe,” "anticipate," and other similar
words or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of
management or advisors at the date the statements are made and are subject to a variety of risks, uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the forward-looking statements. The factors include the inherent risks involved in the
exploration and development of oil and gas properties, the uncertainties involved in interpreting drilling and seismic results and other geological data,
fluctuating oil and gas prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future, the uncertainties inherent to conducting business in Israel, the availability of supplies, unexpected adverse
climate conditions, the reliance on only a few key members of management, and other factors. The Corporation undertakes no obligation to update
forward looking statements, if circumstances or advisor or management estimates or opinions should change. The reader is cautioned not to place
undue reliance on forward-looking statements.
DISCLAIMER
The information contained in this presentation is confidential and for internal use only. The contents are not to be reproduced or distributed to
investors, the public or press. The information contained herein, while obtained from sources which we believe are reliable, is not guaranteed as to its
accuracy or completeness. The contents of this documentation is for information purposes only and does not constitute an offer to sell or a solicitation
to purchase any securities referred to herein.
Estimates are based on geological, geophysical and other estimates received from third parties and/or advisors and serve, at this time, only as
estimates whereby there is no certainty, as of yet, with regards them. No information contained in this presentation is compliant with NI-Policy 51-101
requirements. The Corporations have not conducted estimates or independent evaluations of the said estimates. Any estimates are expected to be
updated as additional information is accumulated, including as a result of the continued analysis of the well proceeds, the conduction of production
tests and the conduction of validation drilling, should they be conducted, andor as a results of a variety of factors related to projects searching for, and
producing, natural gas.
None of the Corporations or any of the individuals associated thereto have independently confirmed or verified the information contained in this
presentation. The reader should take all reasonable actions to satisfy itself as to the accuracy of the information contained in the document.
2

3. TSX.V: ADL
Adira Energy- Israel Opportunity
Newly Discovered Oil & Gas Basin- Offshore Israel
• First Israeli-based TSX.V listed company with pure &
exclusive exposure to the recent Israeli offshore gas
discoveries
• Working Interest and Operator of three offshore licenses
and one onshore license
• Sufficiently capitalized with funds to complete exploration
through pre-drilling
• Strong shareholder base with access to additional capital
• Two independent NI 51- 101 Resource Reports completed
by Gustavson Associates on Gabriella & Yitzhak
• Indication of resource potential, both onshore and offshore
• Carefully managed exploration strategy
• 3D geophysics now complete on three licenses
• Established Tel Aviv office, fully staffed with local
infrastructure
• TSX-V listed with Toronto office and executive presence
• Experienced and professional Board, Technical and
Management Teams
3

4. TSX.V: ADL
Board of Directors
Dennis Bennie - Chairman, Independent Director
Co-Founder Adira Energy. Founder and CEO of XDL Capital; Co-founder, Former Chairman and CEO of Delrina Corporation; former Chairperson of
Canada Israel Political Affairs Committee (CJPAC).
Eli Barkat - Independent Director
Chairman and Co-founder of BRM, a recognized figure in the Israeli business community, with more than 20 years of entrepreneurial, investment and
business management experience.
Sheldon Inwentash - Independent Director
Chairman and CEO of Brownstone Energy. More than 20 years of experience in the investment industry and a deep understanding of progressive
investment and financial management strategies. A Chartered Accountant, Mr. Inwentash is also the Chairman and CEO of Pinetree Capital Ltd.,
a Canadian investment company with a portfolio of investments primarily in the resource and energy sectors.
Yael Reznik Cramer - Independent Director
VP Business Development of BRM Group, (major shareholder of Adira Energy). Currently sits on the boards of Backweb and Schema. She is a Certified
Public Accountant in Israel and holds a B.A degree in Accounting and Economics from the Hebrew University in Jerusalem and an MBA from Tel-Aviv
University.
Alan Friedman - Executive Vice President - Corporate Development, Director
Co-Founder Adira Energy. Senior roles in resource public market sector and emerging markets covering acquisitions, disposals, financings and investor
communications. Over the past 10 years, has managed or facilitated numerous successful going public transactions (IPO & RTO) on TSX and TSX-V as
well as facilitation of financings in excess of $100m. Various roles in TSX companies including Afriore Ltd., Talon Metals Corp. and Auryx Gold Corp.
Colin Kinley – Senior Advisor, Director
CEO of Kinley Exploration LLC, leading a team of industry experts providing professional, technical and oversight expertise to international resource
companies within the upstream sector. With 30 years of international expertise in integrated energy project management and new energy companies
development. Kinley served as a Senior Executive to several E & P companies & oilfield service companies and is specialized in frontier resource
development. He is a Director and CEO of Manx Energy Inc. - an Integrated Oil and Gas Company developing Heavy Oil in Canada and a Director of
Excelsior Minerals.
4

5. TSX.V: ADL
Management & Advisors
Hezi Kugler- Chief Executive Officer
Hezi has extensive experience in the energy infrastructure field in general and in Israel’s hydrocarbons market in particular. Prior to his position as
Director General of Israel’s Ministry of National Infrastructures from 2006 – 2009, he was a leading project finance lawyer on major projects in the
energy and water sectors in Israel. During his tenure as Director General, he was responsible for overseeing Israel’s power sector and oil and gas
exploration and development on behalf of the government. Mr. Kugler led Israel’s negotiations with BG on development of the Gaza Marine natural
gas reservoir off shore from Israel / the Palestinian Authority; he initiated Israel’s first LNG project and served as co-chairman of the government
tender committee; he supervised closely development of Israel’s natural gas transmission system; and was responsible for development of Israel’s oil
and LPG imports networks carried out through government-owned companies under his supervision. He holds a BA in Political Science from Bar-Ilan
University and an LLB from Tel-Aviv University.
Gadi Levin- Chief Financial Officer
Gadi is a chartered accountant with many years of experience in the public and private equity markets. His experience spans multiple jurisdictions
including South Africa, England and Israel. He has a Bachelor of Commerce degree in Accounting and Information Systems, has received his
Chartered Accountant designation in South Africa and has an MBA from Bar Ilan University in Israel.
Glen Perry - Vice President Exploration
Glen has 40 years of exploration and development experience, specialized in drilling operations and project execution. Masters in Petroleum
Engineering. Served as a Director, COO and President of Zion Oil and Gas in Israel. Prior experience includes; Consultant to Delek Drilling; Director of
National Petroleum; Executive with Prairie Producing Company, Exxon and Energy Reserves Group.
Moshe Politi - Chief Geologist
Moshe has 39 years of experience, specializing in the integration of multi-disciplinary aspects and methodologies of geology and geophysics into
viable prospects in various environments: onshore, offshore, shallow and deep prospects, structurally complex (overthrust) and stratigraphic plays.
Moshe received his Bachelor and Master Degrees in Geology from The Hebrew University in Jerusalem and is currently engaged in his PhD studies in
Jerusalem.
Alon Polishuk - VP of Contracts Administration and Regulations
Mr. Polishuk brings over five years in Government Services of Israel, managing and co-coordinating mission critical programs and projects. He has
extensive experience in project management, business development and expertise in legal analysis and critical examination. Mr. Polishuk specializes
in Law and was admitted to the Israel Bar in 2001. He holds a BA, Business (Finance) from the Arison School of Business, as well as LLE, Radzyner
School of Law, Interdisciplinary Center, Herzliya.
Alan Friedman - Executive Vice President - Corporate Development, Director
Colin Kinley – Senior Advisor, Director
5

6. Israel Petroleum Licenses TSX.V: ADL
6

7. TSX.V: ADL
Adira Current Resource Summary – Offshore*
(Gabriella and Yitzhak Licenses)
Hydrocarbon Classification Best Estimate (P50) Gross
Oil (44- 47 API) Contingent (Gabriella) 277 MMBO
Oil (44- 47 API) Prospective (Yitzhak) 20.4 MMBO
Gas Prospective (Gabriella) 3.56 TCF
Gas Prospective (Yitzhak) 989 BCF
Condensate Prospective (Gabriella) 398MMBOE
Condensate Prospective (Yitzhak) 144 MMBOE
* As referred to in the Gustavson Associates NI 51- 101 Technical Reports titled “Report for License #378 / Gabriella, Offshore Israel”,
dated September 06, 2011 and “Report for License #380 / Yitzhak, Offshore Israel”
Notes:
MMBO = Millions of Barrels
MMBOE = Millions of Oil Equivalent
7

8. Peer Discoveries & Prospects, Israel TSX.V: ADL
Initial reserves 35BCM (1.2Tcf, 213mmboe)
Timeline Operational since 2004, expected depletion in 2013
MARI- B Annual Production Capacity 3-4BCM
Participants Delek Drilling (25.5%), Avner (23%), Delek Group (4.4%), Noble Energy (47.1%)
Operator Noble Energy
Resource 8.7 Tcf (1.45boe)
Discovery Date Feb-09
Expected start-up 2013
Expected peak gas production (Phase 1,000-1200MMcf/day
TAMAR 1) 5,000m
Total Depth Delek Drilling (15.5%), Avner (15.6%), Noble Energy (36%), Isramco (28.8%), Dor Gas
Participants (4%)
Operator Nobel Energy
Resource 16Tcf (2.9boe)
Discovery Date Dec-10
LEVIATHAN- Gas Total Depth 17% (estimated)
Participants Delek Drilling (22.7%), Avner (22.7%), Noble Energy (39.7%), Ratio (15%)
Operator Noble Energy
Resource 1 3bn Barrels (expected)
Depth 5,800m
Probability 17% (Estimated)
*LEVIATHAN-Oil Resource 2 1.2bn Barrels (expected)
Total Depth 7,200m
Probability 8% (estimated)
Resource 1 Gas 6.5 TCF
Depth 3,700m
Probability Mean value, NSAI report
*SARA & MYRA Resource 2 Oil 150 MMBL
Total Depth 5,500m
Probability Mean value, NSAI report
Resource 1 Oil: Bravo 127 MMBBL; Yam 142 MMBBL
Depth 5,700m
Probability Mean value, NSAI report
*SHEMEN Resource 2 Gas: Bravo 127 BCF, Yam 142 BCF
Total Depth 3,000m
Probability Mean value, NSAI report
8
* Resource not proven

9. TSX.V: ADL
License Overview: Offshore & Onshore Israel
Gabriella (96,371 Acres) - Offshore
Target: Oil Jurassic Fractured Carbonates: 4,900m
Target: Gas Cretaceous limestone and sands: 2,700m
Miocene stratigraphic: 1,950m
Target: Condensate Cretaceous limestone and sands: 2,700m
Miocene stratigraphic channel delta fill: 1,950m
Exploration: 511 Km Dual Axis 3D completed Jan 2011
Drilling: Shallow water 140 to 200 meters
Yitzhak (31,629 Acres) - Offshore
Target: Oil Jurassic - Fractured Carbonates: 4,600m
Target: Gas Cretaceous carbonates and sands: 2,300m
Target: condensate Cretaceous carbonates and sands : 2,300m
Exploration: 129 Km 3D completed Jan 2011
Drilling: Shallow water 140 to 200 meters
Samuel (89,205 Acres) - Offshore
Target: Oil Lower Cretaceous Carbonates
Target: Gas Plio/Pleistocene, Oligo/Miocene, Turbidites Canyon Sands: 2,000m
Exploration: 45 Km2 3D (OBC) completed July 2011
Drilling: Shallow water 40 to 100 meters
Eitan (31,060 Acres) - Onshore Hula Valley
Target: Gas Pleistocene Sands, Lumachelle Conglomerates: 200m
Target: Gas CBM - Lignite and Sub-Bituminous Coal, 40m thickness @ 600m
Target: Gas CBM – Sub- Bituminous Coal, 20m thickness @ 1,000m
Exploration: 42 previously drilled wells (5 BCF Pr,2P 40BCF)*Not NI-51Compliant 9
Drilling: Wheeled access (Company owned rig)

10. TSX.V: ADL
Gabriella License: Offshore
(96,371 Acres)
Technical Highlights
P50 (Best Estimate) Contingent Oil : 277MMBO
P50 (Best Estimate) Prospective Condensate: 398 MMB
P50 (Best Estimate) Prospective Gas: 3.56 TCF
Target: Oil Jurassic Fractured Carbonates: 4,900m
Target: Gas Cretaceous limestone and sands: 2,700m
Miocene stratigraphic: 1,950m
Target: Condensate Cretaceous limestone and sands: 2,700m
Miocene stratigraphic: 1,950m
Exploration: 511 Km Dual Azimuth 3D completed Jan 2011 by Adira
(WesternGeco), Processing underway by CGG Veritas
Resource Report: Completed September 2011 by Gustavson Associates
Prior Drilling: Yam Yafo-1 Well :Drilled in 90’s to 5,823m, tested 500 bopd
(44-47 API)
Drilling: Shallow water 120 to 200 meters. Jack-Up or Floater
Operator: Adira Energy 15% Working Interest plus 15% back-in option
from Modiin Energy, at cost. Approximate 10% ORRI
Partners: Brownstone Energy 15%, Modiin Energy 70%
Gabriella Structure- Depth
10

11. TSX.V: ADL
Yitzhak License: Offshore
(31,689 Acres)
Technical Highlights
P50 (Best Estimate) Prospective Oil: 20.4MMBO
P50 (Best Estimate) Prospective Condensate: 144MMB
P50 (Best Estimate) Prospective Gas: 989BCF
Target: Oil Mid Jurassic , Zohar- Fractured Carbonates: 4,600m
Target: Gas Cretaceous Talme Yafe carbonates and sands: 2,300m
Target: Condensate Cretaceous Talme Yafe carbonates and sands: 2,300m
Exploration: 129 Km 3D completed by Adira (WesternGeco), processing
underway by CGG Veritas
Resource Report: Completed September 2011 by Gustavson Associates
Prior Drilling: Delta-1 Well drilled (off structure) in 1970’s to 4,423m, TD in
Upper Jurassic where oil encountered in Mid Jurassic (Yam
Yaffo1 and Yam 2) Zohar formation tested for oil in Yam Yafo-1
(4,890m – 4,995m) and Yam-2 Well (5,315m) interesting &
Yitzhak Structure- Depth
significant structural high
Drilling: Shallow water 140 to 200 meters. Jack-Up or Floater
Operator: Adira Energy 85% Working Interest – Partner Brownstone
Energy
11

12. TSX.V: ADL
Gabriella & Yitzhak Structures
Yitzhak
Structure
Gabriella
Structure
East Mediterranean Structural Ridge
Yitzhak

13. TSX.V: ADL
Samuel License – Offshore
(89,205 Acres)
Target: Oil Lower Cretaceous Carbonates at 3,200m
Target: Gas Plio/Pleistocene, Oligo/Miocene, Turbidites, Canyon Filled Sands: 2,000m
Exploration: 45 Km2 3D OBC (Ongoing) (ARIS Nefterazvedka) Existing 2D indicates presence of DHI
Processing: Ongoing-IOX-CXT
Prior Drilling: Yam-2 Well immediately west tested oil in Jurassic, Ashdod oil field in Jurassic, Heletz oil field
(Lower Cretaceous)
Drilling: Shallow water 40 to 100 meters
Operator: Adira GeoGlobal (Adira Lead), 38.25% Working Interest
Partners: Brownstone Energy 6.75%, Pinetree Capital 10%, GeoGlobal Resources 45%
A B
DHI
A
B
13

14. TSX.V: ADL
Eitan License- Onshore, Hula Valley
(31,060 Acres)
Target: Gas Conventional Gas: Pleistocene Sands,
Lumachelle Conglomerates:200m
Target: Gas Unconventional Gas: Pleistocene, Lignite and Sub- Bituminous
Coal, 40m thickness @ 600m and Bituminous Coal, 20m thickness
@ 1,000m
Exploration: 5 BCF Proven and Probable (2P) and 40 BCF 3P – Not NI-51
Compliant, 143 Km 2D Seismic – Reprocessed coring and testing
currently underway
Prior Drilling: 42 previously drilled wells, Coal prior tested at 200 scft
Drilling: Wheeled access (Company owned rig)
Operator: Adira Energy, 100% Working Interest
14

15. TSX.V: ADL
Risk Reduction
Seismic Operations by Multi-Tier Professional Quality Control
Acquisition Processing Interpretation
Design &
Adira Energy internal professional team and advisors
management
QC Monarch Geophysical Services – QA/QC Adira Energy team
Western Geco – “Quick look”
Gabriela & Adira Energy team
Western Geco – 3D CGG/Veritas – main and advanced
Yitzhak Gustavson – Colorado
processing
Netherland Sewell &
Samuel ARIS – 3D (OBC) ION-GXT Associates - Houston
15

16. TSX.V: ADL
Adira Energy Milestones & Guidance
Gabriella Yitzhak Samuel
License License License
Acquired existing 2D seismic data,
reprocessed and evaluated   
Complete preliminary detailed resource
report & submit to Israeli Government
  
Complete “Quick look” processing
 
Western Geco Not Applicable
Complete 3D Survey
  
Evaluation of prospects for drilling
Underway Underway Underway
targets
Detailed Drilling Planning: Prioritized
by prospect & commodity delivery Underway Underway Underway
 
Complete resource evaluation and
Ongoing
risking from fast track processing
Processing (main & advanced)
Ongoing- CGG Veritas Ongoing- CGG Veritas Ongoing- IOX-CXT
Strategic selection & leveraged
participation in new license/permit Ongoing Ongoing Ongoing
applications
Processing 3D and incorporation into
Hydrocarbon Potential Reports Planned Planned Planned
Procure drilling contractor,
Expected Mid- 2012 Expected Mid- 2012 Expected Mid- 2012
supplies/services
First well
Q4 2012- Drilling Expected to Commence – 3 Wells to be Drilled Consecutively 16

17. TSX.V: ADL
Strategy – Shallow Water, Large Targets
Capitalizing on Israel’s Immediate Demand for O&G
Lower Risk Offshore Drilling
• Lower drilling costs vs. competitive deep water exploration in the region
• Operate at less than 1/3 the cost of deep water rigs drilling in Israeli waters
High Resource Potential – Oil and Gas
• Strategic selection of licenses with proven, prior analogous production and
exploration
• 2D and now 3D seismic has already been completed on Gabriella, Yitzhak, Samuel
Lower Infrastructure Costs – Near Market
• Gas targets on blocks are close to current pipeline infrastructure
• Deliveries to market has less operational, environmental & financial risk vs. deep
water targets. Delivery to market before deep water developments is achievable
Economic Focus
• Oil from shallow well locations are more economically viable than deep water wells
• Deep water gas have higher infrastructure costs, high pressure & highly technical
delivery parameters & long time delivery market
17

18. TSX.V: ADL
License Partners
Brownstone Energy Inc:
A Canadian-based, TSX-V listed, energy-focused company with direct interests in oil and gas assets
around the world. Brownstone has the right, subject to certain conditions, to earn a 15% Working Interest
in Adira’s offshore blocks for three years.
Pinetree Capital Ltd:
A Canadian-based, TSX listed diversified investment, financial advisory and merchant banking firm
focused on investing in early stage resource companies. 10% Working Interest in the Samuel block.
GeoGlobal Resources Inc:
AMEX listed, Canadian- based resource and operating company engaged in the exploration and
development of petroleum and natural gas reserves internationally. 45% Working Interest in the Samuel
block.
Modiin Energy LP/GP:
Tel Aviv- based oil and gas investment group. farmed-in 70% interest in the Gabriella License. Carried
Adira for the first US$8 million in exploration funding. Adira has a back-in option from Modiin of 15% of the
Modiin working interest at cost, for a period of six months after a discovery.
 Adira operating royalty from Modiin of 3.75% for 24 months, increasing to 4.25% thereafter
 Combined (ORRI ) royalty of 4.5%, increases to 10.5% after cost recovery
18

19. TSX.V: ADL
Adira Energy - TXS.V: ADL
(OCTBB-US – ADENF, Frankfurt – AORLB8)
Capital Structure, June 2011
Shares Issued & Outstanding 101.2M
Warrants 19.5M
ESOP 8.9M
Fully Diluted Shares 129.6M
Financings to Date Proceeds
8.0m units at $0.25 (half warrant at $0.50)
Sept 2009 $2.5M USD
Warrants expire September 31, 2011
27.5m units at $0.40 (half warrant at $0.55)
Nov 2010 $11M USD
Warrants expire December 2013
Feb 2011 10.5m shares at $0.62 $6.5M CAN
Analyst Coverage
Cormark Securities $1.50 Target August 18, 2011
Clarus Securities $ 2.00 Target September 13, 2011
19

20. TSX.V: ADL
Why Adira Energy?
Unique Opportunity to Participate in Significant New Israeli Oil & Gas Discovery
Fields.
• Significant License Portfolio
• World Class Technical Expertise
• TSX-V Listed: Access to Global Capital
• Local Israeli Operations Office and Team
• Strong Technical and Financial Partners
20

21. TSX.V: ADL
Contact Information
Corporate Office: Canada:
Alan Friedman
Canada
Exec. Vice President, Corporate Development
120 Adelaide Street West, Suite 1204
+1 416 250 1955
Toronto, Ontario
M5H 1T1
Julia Maxwell
Manager, Investor Relations
Israel Office: info@adiraenergy.com
12 Abba Hillel Silver, 12th Floor +1 416 361 2211
Ramat Gan, 52506
Israel:
Gadi Levin
www.adiraenergy.com Chief Financial Officer
info@adiraenergy.com
+972 (0) 3 373 0166
21

22. TSX.V: ADL
Appendices
22

23. TSX.V: ADL
Appendix 1
Israel: Economic Miracle in the Middle East
Financial Stability:
• 2010: Israel accepted as a full member of the Organization for Economic Cooperation (OECD)
• Israel reclassified as a DEVELOPED market by MSCI
• Ranked highest in the region on the World Bank's Ease of Doing Business Index as well as in the
World Economic Forum's Global Competitiveness Report
• Second-largest number of start-up companies in the world (after the United States)
• Largest number of NASDAQ listed companies outside North America
• Global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis
with solid fundamentals - following years of prudent fiscal policy and a series of liberalizing reforms
*CIA Intelligence Report
Fiscal Strength:
Standard and Poor's Foreign currency sovereign credit - “A”, Long-term local currency rating to - “AA”
• Inflation: 4.1% for the last 12 months *Bank of Israel – July 2011
• Growth: Estimated at 5.2% in 2010 and 3.8% in 2011 *Bank of Israel – July 2011
• Employment : Estimated at 5.8% Unemployment in 2011 *Bank of Israel – July 2011
• Land: 22,100 Sq. Km *2009 OCDE
• Population: 7.3 Million *2009 OCDE
• GDP: Growth 4% in 2008, Grew by 0.5% in 2009 Expected to expand in 2010. DP is 45%
Exports. *CIA Intelligence Report
23

24. TSX.V: ADL
Appendix 3
Capitalizing on Undiscovered Potential: Levant Basin
24

25. TSX.V: ADL
Appendix 2
Cross Section of The Levant Basin
• Located off Israel's Mediterranean coast, encompasses an area of 83,000 square km with waters up to
1,700m deep, and mostly within Israeli territorial waters.
• The first commercially viable discovery in Israel was made in 1999 with the Noa/Mari B fields (Yam Tethys
partnership) and began production in 2004.
Schematic of subsurface showing the Tamar and Leviathan discoveries
SE
25

26. TSX.V: ADL
Israel Oil & Gas Demand/Supply
Figure 1: Gas supply from Mari B, Tamar, Leviathan; Israeli gas demand Figure 2: Israeli oil demand largely met by imports
Source: UBS
26

27. TSX.V: ADL
Appendix 4
Current Oil & Gas Production Israel
• Heletz Oil Field - During the 1950’s, Israel discovered this on-shore field. Over the past 50 years it has produced cumulative 20
million barrels of Oil. It is essentially fully depleted.
• Yam Tetis Field - The country’s only current domestic gas source. The Ministry of Infrastructure expects it to be fully depleted in
the next decade. The field’s .85 TCF was the largest find in the country, before Tamar.
• EMG Consortium - An agreement for gas from Egypt to Israel provides for the sale of 1.7 billion cubic meters of gas per year,
representing 20% of Israeli electricity current consumption ($5.50 - $5.75) per MMBt.
Israel Recent Discoveries
• Tamar (January 2009). Delek/Noble Energy (NYSE: NBL) Consortium made a significant discovery of natural gas (approx. 8.4
TCF) off Haifa. This is a world-class discovery and as such has created increased drilling activity and significant investor interest in
the region.
• Dalit (March 2009). Following Tamar, a second natural gas discovery offshore Israel identified more than 110 feet of net pay
approx. 0.5 TCF). With the successes at Tamar and Dalit, a potentially substantial new resource basin with large remaining
exploration potential opened up. Additional 3D in the area in the second half of 2009 with potential for additional targets. Dalit is
situated approx. 55 km northwest of Gabriella and 45km northwest of Yitzhak.
• Leviathan (December 2010). Nobel recently announced the Leviathan gas discovery, West of Tamar, estimated at over 16 TCF of
gas. The well halted for additional liner casing as it is being deepened for potential deeper oil targets. Leviathan is the largest gas
discovery ever in Israel, and the largest offshore gas discovery in the world over the past decade.
• Mari – B (Production in 2003)
First meaningful discovery was made in 1999, in the Yam Tethys field, which comprises the “Mari B” and “Noa” reserves. Located
off Israel’s southern coast, the field originally had estimated reserves of perhaps 35bcm or 1.24 TCF. Gas started flowing in 2004
(via a 42km pipeline to the southern coastal town of Ashdod) and annual production capacity is currently around 3.6 BCM, or 60%
of Israel’s natural gas requirements. In December 2010, Mari B had remaining reserves of 10.4 BCM. Mari B is expected to be
depleted in 2013.
27