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. Pinetree has a 10% Working Interest in the Samuel block.
GeoGlobal Resources Inc:
GGR is an AMEX listed, Canadian- based resources and operating company engaged in the exploration for and development of petroleum and natural gas reserves internationally. GGR has a 45% Working Interest in the Samuel block.
Modiin Energy LP/GP:
A substantial Tel Aviv- based oil and gas investment group. Modiin has farmed-in a 70% interest in the Gabriella License. Modiin carried Adira for the first US$8 million in exploration funding on Gabriella. 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
