These documents can be viewed on the SEDAR web site at www.sedar.com.
The following is a summary of selected financial information extracted from the audited consolidated financial statements:
Year ended March 31, 2010 2009 (all amounts in 000'$ - except # of shares) Revenue $ - $ 8 Net Loss $ 3,927 $ 686 Total assets $ 10,420 $1,593 Shareholders' equity $ 6,900 $ 1,440 # of issued and outstanding common shares 65,229,076 30,820,743
Project update
Seismic data for Sara and Mira has been shot, acquired, and processed. The 3D seismic data in respect of the Sara and Myra licenses has been submitted to the MNI. The first phase of the interpretation of the results of the 3D seismic data is expected to be completed and a report submitted to the MNI the first week of August, 2010, as per the agreed work program.
Determination of a drilling prospect on each license and engineering for those prospects is expected by
Bontan is currently seeking interested parties to participate in the development of its 10.45% interest in the Sara and Myra licenses either through a farmout, option, partial sale of interest, assignment, debt or equity financing.
About The Offshore Israel Project
The Offshore Israel Project comprises two Licenses - Sarah and Myra - covering approximately 310 square miles and is located in the Levantine Basin near the recent 8.4 TCF Tamar 1, Tamar 2, and the Dalit natural gas discoveries by Noble Energy Inc.
The right to licences is held by a group comprising IPC Oil and Gas Ltd Partnership,
Bontan's indirect working interest in these licenses is 10.45%.
A Prospective Resource Evaluation Report was prepared by Chapman Petroleum Engineering Ltd, an independent
About Bontan Corporation Inc.:
Bontan Corporation Inc. is an oil and gas exploration company that operates and invests in exploration prospects. Through its 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 seeks to minimize risk by bringing in either joint venture, carried or working interest partners, depending on the size and scale of the project.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. federal and Canadian securities laws. Any such statements reflect Bontan's current views and assumptions about future events and financial performance. Bontan cannot assure that future events or performance will occur. Important risks and factors that could cause actual results or events to differ materially from those indicated in our forward-looking statements, including: the effect of economic and political developments in
SOURCE Bontan Corporation Inc.