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Bontan
Corporation Inc.
47 Avenue Rd. Suite
200
Toronto, ON M5R
2G3
T:
416-929-1806 | F: 416-929-6612
PRESS
RELEASE dated March 29, 2010
1
NEWS
RELEASE
BONTAN
CORPORATION AND PARTNERS PAY FOR THE SEISMIC DATA RELATING TO THE
ISRAEL
OFFSHORE NATURAL GAS EXPLORATION PROJECT
Toronto, Ontario, March 29,
2010 – Further to the press release of March 26, 2010, Bontan Corporation
Inc. (OTCBB: BNTNF) is pleased to announce that its Israel-based partners,
Emanuelle Energy Ltd. and IDB-DT Energy (2010) Ltd., have delivered payment of
the initial $7 million towards the purchase of 2D and 3D seismic data performed
over the Myra and Sara licenses to WesternGeco, a geophysical company and
subsidiary of Schlumberger. The processing of the data will take 11
weeks. Upon completion, the balance of $3.5 million will be delivered
to WesternGeco, per the terms of the agreement.
Bontan’s
working interest in the Licenses is 11%.
About
the Project Area
The
Licenses cover approximately 310 square miles and are located in the Levantine
Basin near the recent Tamar 1, Tamar 2, and the Dalit natural gas discoveries.
The 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). The wells have a reported 6.8 TCF (1.02 BBOE) of estimated
proved, probable and possible reserves in their licensed area, making these
wells the second largest gas discovery in the world since January
2008. South of the Licenses’ area is the existing Mari-B field, also
drilled by Noble, Delek and Avner, which contains a reported 1 TCF (150 MBOE) of
estimated proved, probable and possible reserves.
Chapman
Petroleum Engineering Ltd, an independent Calgary based consulting firm (http://www.chapeng.ab.ca/) prepared
a Prospective Resource Evaluation Report , effective January 1,
2010 in accordance with National Instrument 51-101, Section 5.9
standards for review and assessment of prospective resources , which provided a
low estimate of 5.71 TCF and high of 7.34 TCF of gross prospective resources on
the Sarah /Myra prospects.
About
Bontan Corporation Inc.:
Bontan
Corporation Inc. is an oil and gas exploration company that operates and invests
in exploration prospects. Through its 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 seeks 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, refer to our website www.bontanoilandgas.com and
contact Bontan’s investor relations representative, John Robinson at Current
Capital Corp., at (416) 860-0211.
2
Forward-Looking
Statements
This news
release includes 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. Bontan cannot assure that future events or performance
will occur. Important risks and factors that could cause actual
results or events to differ materially from those indicated in our
forward-looking statements, include: the effect of economic and
political developments in Israel; the discretion of the MNI to
cancel, extend the time for compliance with or otherwise waive requirements of,
the Licenses or to reinstate the Permit; the discretion of the MNI to
officially transfer the Licenses on the Registry to IPC and our other
partners; the effect of the continuing litigation with East
Mediterranean Exploration Co. on our rights to the Licenses and the now expired
Permit; the reliance on Emanuelle, IDB-DT and IPC, as well as
third-party consultants and contractors, to develop the Project; the
ability of Bontan and IPC to raise sufficient capital and demonstrate adequate
financial capability to the MNI, and the associated dilution to current
investors’ interests associated with the issuance of additional debt and equity
securities; the risk that the Data may show or suggest, or that the
License sites ultimately may contain no, or limited amounts of,
hydrocarbons; the volatility in commodity prices for crude oil and
natural gas; the presence or recoverability of estimated
reserves; the potential unreliability or other effects of geological
and geophysical analysis and interpretation; exploration and
development, drilling and operating risks; competition for
development of the Project; environmental
risks; government regulation or other action; potential
disruption from terrorist activities or warfare in the region or at the Project
site; general economic conditions; and other risks we
identify from time to time in our 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 in this
Press Release.