Toronto-based Adira Energy has sold off 5-10% stakes in three of its exploration licenses offshore Israel – the Gabriella, Shmuel and Yitzhak licenses – to Israeli independent Tohar Hashemesh Energy for a total of $3.2mn.

Of this sum, $1.6mn will be paid to Adira up front, while the remaining $1.6mn will be paid when Tohar Hashemesh registers with the Petroleum Supervisor at Israel’s Ministry of Water and Energy. (CONTINUED - 249 WORDS)