Bontan says Israeli fields hold 5.7 tcf of gas

Bontan Corporation Inc., citing an evaluation report by Chapman Petroleum Engineering Ltd., said its Mira and Sarah prospects off Israel hold 5.7 tcf of natural gas.

Eric Watkins
OGJ Oil Diplomacy Editor

LOS ANGELES, Feb. 8 -- Bontan Corporation Inc., citing an evaluation report by Chapman Petroleum Engineering Ltd., said its Mira and Sarah prospects off Israel hold 5.7 tcf of natural gas.

“For the Mira prospect, the best estimate of gross prospective sales gas resources is 4.24 tcf, and for the Sarah prospect the best estimate of gross prospective sales gas resources is 1.47 tcf,” the Canadian firm said.

Bontan said it will have an indirect 71.625% interest in the two prospects via its 75% equity interest in Israel Petroleum Co. (IPC), which has acquired a 95.5% interest in the licenses.

Bontan said IPC also has an adjoining exploration permit from the current operator subject to approval by Israel’s government.

According to Bontan, the Mira prospect is a large structure mapped with 2D seismic and targets the same zone that produces in Tamar gas field, which is 30 miles north of the Mira prospect and has reserves estimated at 7.7 tcf.

The Sarah prospect, another structure mapped with 2D seismic, is on the same trend and targets the same reservoir zone as the Dalit discovery well, drilled in 2009. Dalit field, which has reported reserves of 500 bcf, is 10 miles north of the Sarah prospect.

The Mira and Sarah licenses are adjoining blocks 30-60 miles off Israel in the eastern Mediterranean Sea. They are each 154 sq miles in size, and to date no exploratory drilling has been done on either block.

Bontan said data from a 3D seismic survey shot over both blocks in late 2009 are being processed (OGJ Online, Dec. 17, 2009).

Contact Eric Watkins at hippalus@yahoo.com.

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