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Holly LaFon
Holly LaFon
Articles (8153) 

George Soros Buys 5 Percent of Israeli Oil & Gas Company Adira

September 12, 2012 | About:
George Soros has reported buying 9,012,000 shares Adira Energy Ltd (ADENF) at the average price of $0.14 on Aug. 9, 2012, according to GuruFocus Real Time Picks. He owns 9,012,000 shares, equivalent to 4.99% of the company. The stock price has declined by 24%.

Adira Energy is an oil and gas company based in Canada and Israel with exposure to the East Mediterranean, which has two of the world’s largest gas deposits discovered in the decade, and is working on undiscovered and newly discovered oil and gas resources in Israel. Last month, the company raised $11.1 million in a prospectus offering which it will use toward expanding exploration and development programs on its Gabriella, Yitzhak and Samuel licenses, and for general corporate purposes.

“Over the last several months we have delivered extensions to all of our licenses, extended drilling contract commitment dates, added Board members with significant industry experience, and recently contracted a rig for our core asset "Gabriella". We continue to make excellent progress and remain focused on our program in the Eastern Mediterranean. We confidently believe that Adira's assets and experienced team will be instrumental in enabling oil to be the next headline resource in Israel,” Adira CEO Jeffrey E. Walter said in a statement.

Recent discoveries of huge natural gas fields in Israel have been heralded by news outlets and government officials as potentially transformative for the nation’s economy. The size of resources already discovered could be enough to meet the nation’s demand for more than 150 years, according to Bloomberg.

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