Bontan announced that its subsidiary, Israel Petroleum has entered into an agreement with Israeli based Ofer. Ofer will invest up to US $28 million and acquire a 50% equity in IPC Oil and Gas (Israel)Limited Partnership (IPC Israel). The investment will fund IPC Israel's share of the costs of the initial two test wells and related exploration well costs relating to Sarah and Myra licenses.
Mr. Howard Cooper, the manager of our subsidiary IPC Cayman commented, "We are extremely pleased to be in a partnership with one of Israel's most prominent business groups. This agreement is in alignment with our long term goals in developing the Myra and Sarah licenses and adds even more strength to an outstanding consortium."
Mr. Kam Shah, CEO of Bontan commented, "We are very pleased and excited to have the Ofer family as partners in our offshore Israel oil and gas exploration project. Bontan is now in a good position to capitalize on its investment to date and looks forward to the eventual drilling of the initial exploration wells on blocks covered under the Sarah and Myra licenses."
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