Canada-based Bontan Corp. Inc. announced the indirect acquisition of exploration and drilling licenses in the Levantine Basin off the coast of Israel.
Bontan said the two drilling licenses and one exploration permit cover a total area of more than 1,000 square miles in the Israeli waters of the Mediterranean Sea.
The Israeli Petroleum Co. holds the 75 percent equity interest in the project area for Bontan.
Wells associated with the Levantine Basin hold an estimated 6.8 trillion cubic feet of probably gas reserves, which Bontan said is the second largest discovery in the world made in nearly two years.
"With the 6.8 trillion cubic feet discoveries north of the project assets, the possibility of significant hydrocarbon deposits on our project area exists," said Kam Shah, chief executive officer of Bontan
The company said it was in the process of obtaining the necessary permits for further analysis of the Levantine Basin.
