FORM 51-102F3
MATERIAL CHANGE REPORT
ITEM 1 —— | Name and Address of Company |
Adira Energy Ltd. (the “Company”) | |
120 Adelaide Street West | |
Suite 800 | |
Toronto, ON | |
M5H 1T1 | |
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ITEM 2 —— | Date of Material Change |
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September 27, 2014 | |
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ITEM 3 —— | News Release |
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A news release was disseminated on September 29, 2014 through CNW Group Ltd. | |
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ITEM 4 —— | Summary of Material Change |
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Petroleum License No. 378 (the “Gabriella License”) has expired due to the milestones in the work program not being achieved. | |
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ITEM 5 —— | Full Description of Material Change |
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The Company has been informed by its joint venture partner that the Petroleum Commissioner in the Ministry of National Infrastructure, Energy and Water of the State of Israel provided notice that the Gabriella License has expired due to the milestones in the work program not being achieved. Notice was also provided that the Yam Hadera License has expired for the same reasons. The Company held a 15% interest in the Gabriella License and had an option to acquire up to a 15% interest in the Yam Hadera License. | |
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ITEM 6 —— | Reliance on Section 7.1(2) of National Instrument 51-102 |
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N/A | |
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ITEM 7 —— | Omitted Information |
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N/A | |
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ITEM 8 —— | Executive Officer |
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For further information, please contact: | |
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Alan Friedman, Executive Vice-President Corporate Development | |
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(416) 250- 1955 | |
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ITEM 9 —— | Date of Report |
October 1, 2014