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BONTAN
CORPORATION INC.
(Translation
of registrant’s name into English)
47
Avenue Road, Suite 200, Toronto, Ontario, Canada M5R 2G3
PRESS
RELEASE
NEWS
RELEASE
BONTAN
CORPORATION ANNOUNCES NAME CHANGE OF ITS WHOLLY OWNED
SUBSIDIARY
Toronto, Ontario, January 29,
2010 – Bontan Corporation Inc. (Bontan) (OTCBB:BNTNF) is
pleased to announce that its wholly owned subsidiary, Bontan Oil & Gas
Corporation changed its name effective January 18, 2010 to Israel Oil
& Gas Corporation.
About
the off shore Israel Project
Bontan
owns, through its wholly owned subsidiary, Israel Oil and Gas
Corporation a 71.625% indirect working interest in the Project Assets
via its 75% interest in Israel Petroleum Company, which acquired an undivided
95.5% working interest in the Mira and Sarah Drilling Licenses and the Benjamin
Exploration Permit, subject to approval by Israel's Ministry of Natural
Infrastructure. WesternGeco, a division of Schlumberger has completed a 3D
seismic survey on the Mira and Sarah Drilling Licences and a 2D survey on the
Benjamin Exploration Permit.
The
Project Assets, composed of interests in the Mira and Sarah Drilling Licenses
and the Benjamin Exploration Permit, totalling 2,668 square kilometres, are
located in the Levantine Basin in the eastern Mediterranean Sea offshore Israel,
near the recently announced natural gas discoveries in the Tamar 1 and 2, and
the Dalit wells. The three wells were drilled by Noble Energy Inc. (NBL.NYSE),
in partnership with Delek Energy Systems (DEOL.TA), Isramco (ISRA.TA), and Avner
Oil and Gas LP (AVNR.TA). According to published reports, the wells have a
reported 6.8 TCF (1.02 BBOE) of estimated proved, probable and possible reserves
in their License area, which makes this the second largest gas discovery in the
world since January 2008. South of the Project Assets in the eastern
Mediterranean offshore Israel are other gas fields, including the Mari-B field,
also drilled by Noble, Delek, and Avner, which reportedly contains 1 TCF (150
MBOE) in estimated proved, probable and possible reserves.
About
Bontan Corporation Inc.:
Bontan
Corporation Inc. is an international diversified natural resource company that
operates and invests in exploration prospects.
Through
its wholly owned subsidiaries, Bontan seeks highly visible opportunities in
countries around the globe with a history of natural resource production that
offer exciting and attractive propositions. Bontan will seek to minimize risk by
bringing in either joint venture, carried or working interest partners,
depending on the size and scale of the project.
For
further information, contact the company’s investor relations, John Robinson at
Current Capital Corp. at 416-860-0211, www.bontanoilandgas.com
Forward-Looking
Statements
This news
release may include forward-looking statements within the meaning of the U.S.
federal and Canadian securities laws. Any such statements reflect Bontan’s
current views and assumptions about future events and financial performance. No
assurances can be given that such future events or performance will occur.
Important risks and factors that could cause actual results or events to differ
materially from those indicated in the forward-looking statements, include,
without limitation, economic and political developments in Israel, approval of
the transfer of the two licenses and permit to IPC by the Israeli Petroleum
Commissioner, reliance on ITC as well as third-party consultants and contractors
to develop the project, the ability of Bontan and IPC to raise sufficient
capital, the risk that no hydrocarbons may be found or that 2D and 3D seismic
may diminish the attractiveness of the assets, the volatility in commodity
prices for crude oil and natural gas, the presence or recoverability of
estimated reserves, geological and geophysical analysis and interpretation,
exploration and development risks, drilling and operating risks, competition,
environmental risks, government regulation or other action, potential disruption
from terrorist activities and warfare in the region or at the project assets,
general economic conditions and other risks set forth from time to time in
Bontan’s filings with the U.S. Securities and Exchange Commission and securities
regulators in Canada. Bontan assumes no obligation and expressly
disclaims any duty to update the information contained herein.