Bontan Corporation Inc. announced that the government of Israel officially confirmed the validity of 2 offshore oil and gas licenses held by the company.
Bontan Corporation Inc. said that the Israeli Ministry of National Infrastructure sent a letter to the company in May 2010 stating that the 347/Myra and 348/ Sarah licenses were valid. The company has an 11% net working interest in both offshore licenses.
The Israeli Ministry of National Infrastructure also approved changes to the development program drafted by Bontan Corporation Inc. and its two partners in the venture. Bontan Corporation Inc. said that the first stage of the development plan was the acquisition of seismic data to help the company study the oil and gas bearing formations being explored.
Bontan Corporation Inc. also released an updated report as of May 1, 2010, that delineates the prospective resources on the licenses. The report was drafted by Chapman Petroleum Engineering Ltd., and put an undiscounted value of $2.7 billion on the combined prospects on a pre risk basis.
The 347/Myra and 348/ Sarah licenses are located in the Levantine Basin, and comprise 310 square miles.
For more information, visit www.bontanoilandgas.com