FORM 51-102F3
MATERIAL CHANGE REPORT
ITEM1—— | Name and Address of Company |
Adira Energy Ltd. (the “Company”) | |
120 Adelaide Street West | |
Suite 1204 | |
Toronto, ON | |
M5H 1T1 | |
ITEM2—— | Date of Material Change |
February 11, 2013 | |
ITEM3—— | News Release |
A news release was disseminated on February 11, 2013 through CNW Group Ltd. | |
ITEM4—— | Summary of Material Change |
The Company is suspending operations on the Gabriella license. | |
ITEM5—— | Full Description of Material Change |
The Company is suspending operations on the Gabriella license due to lack of funding and lack of reasonable expectation of funding by certain parties sufficient to pursue the current work program; lack of agreement among the license holders regarding how to proceed under the circumstances; and due to the fact that Modi’in Energy L.P. has not met its obligations under the Joint Operating Agreement (the “JOA”) or under other agreements in place among the JOA parties. | |
ITEM6—— | Reliance on Section 7.1(2) of National Instrument 51-102 |
N/A | |
ITEM7—— | Omitted Information |
N/A | |
ITEM8—— | Executive Officer |
For further information, please contact: | |
Alan Friedman, Executive Vice-President Corporate Development | |
(416) 250-1955 | |
ITEM9—— | Date of Report |
February 13, 2013 |