Israel

Bontan Corp. Inc., Toronto, acquired through a subsidiary an indirect 71.63% working interest in two drilling licenses and one exploration permit in the Levantine basin in the eastern Mediterranean 40 km off Israel.

By OGJ editors
HOUSTON, Nov. 24
– Bontan Corp. Inc., Toronto, acquired through a subsidiary an indirect 71.63% working interest in two drilling licenses and one exploration permit in the Levantine basin in the eastern Mediterranean 40 km off Israel.

Petroleum License 347 (“Mira”) and Petroleum License 348 (“Sarah”) cover 198,000 acres, and Petroleum Preliminary Permit 199 (“Benjamin”) covers 461,000 acres. The required 3D seismic for the license area is being completed. The required 2D seismic for the permit has been completed, and application will be made to convert the permit to a license.

Bontan holds its interest through its 75% equity interest in Israel Petroleum Co. Ltd., which has acquired a 95.5% working interest in the project assets from a private company, subject to approval of the transfer by the Israeli Ministry of Infrastructure.

The three tracts are near the recent Tamar and Dalit gas discoveries by Noble Energy Inc. that total 6.8 tcf of proved, probable and possible reserves as the world’s second largest gas discovery since January 2008. South of the tracts is Mari-B field with a reported 1 tcf of 3P reserves.

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