AMG Oil Ltd., through its wholly-owned subsidiary Adira Energy Corporation, explores for oil and gas in Israel. The company currently holds three petroleum exploration licenses covering an aggregate total of approximately 160,550 acres – the Eitan license area, which is located in the Hula Valley, and the Gabriella license, located offshore Israel, along with the newly-acquired Yitzhak license.
The company continues to plan for the start of its exploration and drilling program in the Hula Valley in northern Israel. AMG has completed purchase of the drill rig and associated equipment and they are in the process of moving the rig to the site. The company has contracted the services of a full time drilling team who have significant experience operating rigs of similar nature and who have worked in the same area previously.
AMG Oil did confirm today that the Israeli Petroleum Commissioner’s office has notified the company that, during the most recent sitting of the Israeli Petroleum Board, the company through its Adira Energy subsidiary was awarded a second petroleum license offshore Israel – the Yitzhak license. The license has been granted for an initial period of three years commencing October 15, 2009.
The Yitzhal license area is centered approximately 17 kilometers offshore Israel and covers a total license area of about 31,555 acres. This area is directly north of and contiguous to the company’s existing Gabriella license area. It is in shallow water with a depth of approximately 150 meters, which AMG believes will make drilling more cost efficient. This general region is known to host significant evidence of hydrocarbons and AMG’s licenses are within the broader region of the recent Nobel/Delek Tamar gas discoveries.
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