Bontan O&G Commences Drilling
Bontan Oil & Gas Corporation, a wholly owned subsidiary of Bontan Corporation Inc. is pleased to announce that drilling began on its initial test well, Placide Richard No. 1 on August 21, 2005 and has reached a depth of 740 feet to date
The initial well should reach the proposed total depth of 15,300 feet within 60 days. The zones to be tested by the initial well have possible reserves of up to 50 billion cubic feet of gas equivalent (BCFE).
Brammer Engineering, Inc. of Shreveport, La. is the engineering manager of the gas exploration project in eastern Calcasieu Parish, Louisiana and has signed a turnkey drilling contract with Grey Wolf, Inc of Houston, TX for the initial test well.
Bontan hopes to release weekly reports during the drilling period, with other announcements as operational activities dictate and upon achieving target depth.
About Bontan Corporation Inc.:
Bontan Corporation Inc. is an international diversified natural resource company that operates and invests in major exploration prospects. Bontan currently has a 49% working interest in a gas exploration project in eastern Calcasieu Parish, Louisiana.
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.