Israel

Bontan Corp. Inc., Toronto, completed shooting a 3D seismic survey on the Mira and Sarah drilling licenses and a 2D survey on the Benjamin exploration permit in the Levantine basin in the Mediterranean 40 km off Israel.

By OGJ editors
HOUSTON, Dec. 17
– Bontan Corp. Inc., Toronto, completed shooting a 3D seismic survey on the Mira and Sarah drilling licenses and a 2D survey on the Benjamin exploration permit in the Levantine basin in the Mediterranean 40 km off Israel.

The licenses, totaling 2,668 sq km, are owned 95.5% by Israel Petroleum Co. Ltd., in which Bontan owns 75% interest.

Bontan acquired 29 2D lines on the 1,863 sq km Benjamin permit. Once processing is complete, the data will be integrated with existing Benjamin seismic, geologic, and well data. The company will interpret the database to identify one to three areas for conversion from exploration permit to drilling licenses in February 2010. Further seismic will be needed in converted areas.

Bontan shot 3D seismic in 1,000-1,500 m of water on Mira and Sarah, each of which covers 400 sq km. Depth to potential targets is estimated at 3,500-6,000 m.

Processing is to take 5-6 months, with more time needed to render a prestack depth migration volume. IPC intends to farm out its interest in the licenses when interpretation is complete.

The remaining interest in IPC is owned by International Three Crown Petroleum 22.5% and Allied Ventures Inc.

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