Bontan says that the 3D seismic data in respect of the Sarah and Myra licenses has been submitted to the Ministry of National Infrastructure (MNI) as per the agreed work program.

The first phase of the interpretation of the results of the 3D seismic data is expected to be completed and report submitted to the MNI by August 1, 2010.

About The Offshore Israel Project The Offshore Israel Project comprises two Licenses – Sarah and Myra – covering approximately 310 square miles and is located in the Levantine Basin near the recent 8.4 TCF Tamar 1, Tamar 2, and the Dalit natural gas discoveries by Noble Energy Inc.

The right to licenses is held by a group comprising of IPC Oil and Gas Ltd Partnership, Tel Aviv-based Emanuelle Energy Ltd, Modin Energy Partnership Limited, Emanuelle Energy Oil & Gas Limited Partnership and four other entities including the operator, GeoGlobal Resources (India) Inc.

Bontan's indirect working interest in these licenses is 10.45%, held through its 76.79% equity interest in Israel Petroleum Company, Limited which in turn is the owner of IPC Oil and Gas Limited Partnership, which is now the registered holder of 13.609% interest in the above licenses.

Tags: Bontan Corporation