Bontan issued the 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:
Progress on Israeli Project:
The operator of the consortium of the Licenses signed a Letter of Intent with a drilling contractor regarding the Licenses and it is conducting advanced negotiations with the contractor towards signing a final contract regarding the drilling.
The Israel Petroleum Commissioner's Office has informed that in view of the advanced negotiations for the signing of the agreement for the drilling in the Licenses, he grants an extension to April 30, 2011 for signing of the agreement with the drilling contractor.
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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