Bontan gains offshore Israel interest

Bontan Corp., through a wholly owned subsidiary, has acquired an indirect 71.63% working interest in two drilling licenses and one exploration permit in the Levantine basin, offshore Israel.

Offshore staff

TORONTO, Canada -- Bontan Corp., through a wholly owned subsidiary, has acquired an indirect 71.63% working interest in two drilling licenses and one exploration permit in the Levantine basin, offshore Israel. Petroleum License 347 ("Mira") and Petroleum License 348 ("Sarah") cover approximately 803 sq km (310 sq mi). Petroleum Preliminary Permit 199 ("Benjamin") covers approximately 1,865 sq km (720 sq mi).

Bontan's acquisition is held through its 75% equity interest in Israel Petroleum Co. (IPC). IPC has acquired an undivided 95.5% working interest in the assets from a private company, subject to approval of the transfer by the Israeli Ministry of Infrastructure.

11/24/2009

More in Company News