Turnkey Projects with Prepaid Costs Provide Company with Risk Protection from Natural Catastrophes.
(NGS), and (OGSN), global investor websites for the natural gas, energy and oil industries are pleased to announce the addition of Bontan Corporation, Inc. (OTCBB: BNTNF), as a new Featured Company.
Bontan Corporation currently has a 49% gross working interest in the first test well in a gas exploration project in eastern Calcasieu Parish, Louisiana, a project that involves exploration and commercial drilling for gas on a minimum area of 1,300 net and gross mineral acres. The drilling process, being handled by Grey Wolf Inc., a major US based oil and gas driller, is based on 3D seismic data including amplitude vs. offset analysis, providing increased accuracy to the drilling program. Drilling is presently at 8,385 ft., drilling towards the targeted depth of 15,300 ft. The zones to be tested by the initial well have possible reserves of up to 50 billion cubic feet equivalent of gas (BCFE), according to the Company.
Drilling commenced on August 21, 2005 with its initial test well, Placide Richard No. 1 and is proceeding according to schedule with an estimated drilling time of 60 days. Upon successful drilling of the first test well, two additional wells have been identified in this location that will be ready for drilling, giving the company a multi-well project. Bontan’s gross working interest in the subsequent wells will be approximately 42%.
With over US$1.5 million on hand, no debt and all exploration costs prepaid, Bontan is positioned, according to Bontan’s CEO Kam Shah, to take advantage of other opportunities in the oil and natural gas sector. “Gas prices have been rising steadily which bodes well for future revenues. By limiting our costs through prepaid turnkey projects we ensure that we will not run into the similar cost increases, translating into bigger margins in the future and greater profitability in our findings.”
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Featured Company: (OGSN and NGS are compensated by companies as disclosed in disclaimer.)
Bontan Corporation, Inc. (OTCBB: BNTNF) is an international natural resource company. Bontan, through its wholly owned subsidiaries, is focused on building a profitable portfolio of diversified working interests in oil and gas projects through highly visible opportunities in countries around the globe that have a history of natural resource production. Bontan Corporation Inc. plans to minimize risk by bringing in either joint venture, carried, or working interest partners.
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NaturalGasStocks.com is donating $1,000 of the fees from Bontan Corporation’s contract to support the Red Cross and their relief efforts in the Louisiana area.
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