Bontan partners with Israeli investors

March 28, 2010 by · Leave a Comment 

Bontan Corporation partners with major Israeli investors to raise $16 million of new capital for Israel offshore natural gas exploration project.

TORONTO, March 26 /PRNewswire-FirstCall/ – Bontan Corporation Inc. (OTCBB: BNTNF) is pleased to announce that it and its indirect majority-owned subsidiary, Israel Petroleum Company, Limited (“IPC”), entered into an agreement on March 24, 2010 (the “Agreement”) with Tel Aviv-based Emanuelle Energy Ltd. (“Emanuelle”) and IDB-DT Energy (2010) Ltd. (“IDB-DT”) for approximately $16.1 million of new financing to assist in further developing the natural gas exploration project offshore from Tel Aviv, Israel (the “Project”).

Kam Shah, CEO of Bontan, commented, “This is a very significant milestone for Bontan, partnering with strong local Israeli partners like Mr. Nimrodi and Mr. Sultan will allow this world class gas exploration project to advance to the next stage. This is particularly timely in light of the new March 2010 MNI regulations requiring applicants for offshore projects to demonstrate the financial capability to cover the full estimated cost of their initial project work program and half the estimated drilling cost per offshore well, as well as experience in operating large oil and gas exploration projects.

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