Offshore staff

TORONTO -- Bontan Corp. says the partners in the Offshore Israel Project covering the Sarah and Myra licenses have submitted 3D seismic data for these permits to Israel’s Ministry of National Infrastructure (MNI). This is in line with the agreed work program. The partners expect to complete the first phase of the interpretation of the data, for submission to MNI, by Aug. 1.

Sarah and Myra cover a total of around 310 sq mi (803 sq km) in the Levantine basin, close to Noble’s 8.4 tcf Tamar 1, Tamar 2, and Dalit natural gas discoveries.

The license partners comprise IPC Oil and Gas, Tel Aviv-based Emanuelle Energy, Modin Energy Partnership, Emanuelle Energy Oil & Gas, and four other entities including operator GeoGlobal Resources (India).

Bontan has an indirect working interest in these licenses of 10.45%, via its 76.79% equity interest in Israel Petroleum Co., the owner of IPC. 

07/28/2010