Bontan Corporation Inc. Obtains Offshore Gas and Oil Concessions

Bontan Corporation Inc. is thrilled to announce that it has acquired an indirect 71.63% working interest in two drilling licenses and one exploration permit in the Levantine Basin, 40 kilometers off the West coast of Israel in the eastern Mediterranean ("Project Assets").  Bontan's interest is held by its 75% equity interest in Israel Petroleum Company, LTD. (IPC).  A one-year loan to cover part of the acquisition cost was arranged.

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About Bontan Corporation Inc.:

Bontan Corporation Inc. is an international diversified natural resource company that operates and invests in exploration prospects.

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.

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