Bontan Corporation Inc. provides the following update with respect to its indirect working interest of 5.23% in the Israeli project comprising the Sara and Myra licenses located in the Levantine Basin:
Progress on Israeli Project:
The Petroleum Commissioner in Israel approved to extend the validity of the Sara and Myra licenses to July 13, 2012 and the following working plans:
a. Presentation of final prospects for both the licenses on or before August 1, 2011.
b. Drilling on the first well, on any of the two licenses, to commence on or before January 1, 2012.
c. Drilling on the second well on the remaining license to commence immediately upon completion of the first drilling.
Additional Information about the Offshore Israel Project
The rights in the Licenses for the Offshore Israel Project are held by a group consisting of IPC Israel, Emanuelle Energy Ltd, Modiin Energy Limited Partnership, Emanuelle Energy Oil and Gas Limited Partnership and other entities including the operator, GeoGlobal Resources (India) Inc.
Bontan’s share of the Working Interest in the Licenses is 5.23% through the holding of 50% equity in IPC Israel by Bontan’s subsidiary, IPC Cayman.
About Bontan Corporation Inc.:
Bontan Corporation Inc. is an oil and gas exploration company that operates and invests in exploration prospects. Through its subsidiaries, Bontan seeks highly visible opportunities in countries around the globe with a history of natural resource production that offer exciting and attractive propositions. Bontan seeks to minimize risk by bringing in either joint venture, carried or working interest partners, depending on the size and scale of the project.
Source:Bontan Corporation , May 6, 2011; Image:GeoGlobal Resources