Adira Energy said Israel’s Ministry of Energy and Water has granted the company a license extension for spudding the first well on the Samuel offshore license.

The extension of the dates will enable the company to finalize a drilling contract and drill the well.

The ministry extended the contract execution date from 1 July 2012 to 31 October 2012, submission of an environmental study to 10 July 2012 and the commencement of drilling has been moved seven months back from 1 October 2012 to 30 April 2013.

Adira management intends to submit the study within the allocated timeline.

In June, Adira secured an extension from 30 June 2013 to 30 October 2013 for the spudding of the first wells for the Gabriella and Yitzhak Licenses.

Adira Energy chief executive officer Jeffrey E Walter said, "This is another significant achievement for Adira, as it gives us flexibility in our ability to identify a rig and sign a contract."