Bontan provides progress report on work program with regards to Sarah and Myra licenses
TORONTO, July 27 /PRNewswire-FirstCall/ - Bontan Corporation Inc. (OTCBB: BNTNF) ("The Company", "Bontan") announces that the 3D seismic data in respect of the Sarah and Myra licenses has been submitted to the Ministry of National Infrastructure ("MNI") as per the agreed work program.
The first phase of the interpretation of the results of the 3D seismic data is expected to be completed and report submitted to the MNI by August 1, 2010.
About The Offshore Israel Project
The Offshore Israel Project comprises two Licenses - Sarah and Myra - covering approximately 310 square miles and is located in the Levantine Basin near the recent 8.4 TCF Tamar 1, Tamar 2, and the Dalit natural gas discoveries by Noble Energy Inc.
The right to licenses is held by a group comprising of IPC Oil and Gas Ltd Partnership, Tel Aviv-based Emanuelle Energy Ltd, Modin Energy Partnership Limited, Emanuelle Energy Oil & Gas Limited Partnership and four other entities including the operator, GeoGlobal Resources (India) Inc.
Bontan's indirect working interest in these licenses is 10.45%, held through its 76.79% equity interest in Israel Petroleum Company, Limited which in turn is the owner of IPC Oil and Gas Limited Partnership, which is now the registered holder of 13.609% interest in the above licenses.
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.
Forward-Looking Statements --------------------------
This news release includes forward-looking statements within the meaning of the U.S. federal and Canadian securities laws. Any such statements reflect Bontan's current views and assumptions about future events and financial performance. Bontan cannot assure that future events or performance will occur. Important risks and factors that could cause actual results or events to differ materially from those indicated in our forward-looking statements, including: the effect of economic and political developments in Israel; the reliance on Emanuelle, Modin , IPC and others in the group as well as third-party consultants and contractors, to develop the Project; the ability of Bontan and IPC Cayman to raise sufficient capital and demonstrate adequate financial capability, and the associated dilution to current investors' interests associated with the issuance of additional debt and equity securities; the risk that the Data may show or suggest, or that the License sites ultimately may contain no, or limited amounts of, hydrocarbons; the volatility in commodity prices for crude oil and natural gas; the presence or recoverability of estimated reserves; the potential unreliability or other effects of geological and geophysical analysis and interpretation; exploration and development, drilling and operating risks; competition for development of the Project; environmental risks; government regulation or other action; potential disruption from terrorist activities or warfare in the region or at the Project site; general economic conditions; and other risks we identify from time to time in our filings with the U.S. Securities and Exchange Commission and securities regulators in Canada. Bontan assumes no obligation and expressly disclaims any duty to update the information in this Press Release.
SOURCE Bontan Corporation Inc.
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