Bontan Updates on Sara, Myra Licenses
Friday, April 29, 2011
ontan Corp. Inc.
Bontan issued following update with respect to its indirect working interest of 5.23% in the Israeli project comprising Sara and Myra licenses located in the Levantine Basin:
Israel Rig Contract - Myra and Sara Licenses
The operator of the consortium of the Licenses has entered into an Assignment Agreement with a third party, whereby, the operator has taken assignment of a third party's rights and obligations to an existing Drill Rig and Associated Services Contract for a Semisubmersible Drilling Rig, subject to certain terms and conditions.
Additional Information about the Offshore Israel Project
The rights in the Licenses for the Offshore Israel Project are held by a group consisting of IPC Israel, Emanuelle Energy Ltd, Modiin Energy Limited Partnership, Emanuelle Energy Oil and Gas Limited Partnership and other entities including the operator, GeoGlobal Resources (India) Inc.
Bontan's share of the Working Interest in the Licenses is 5.23% through the holding of 50% equity in IPC Israel by Bontan's subsidiary, IPC Cayman.
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