TORONTO, Feb. 17, 2005 (PRIMEZONE) -- Current Capital's spotlight stock is Bontan Corporation (OTCBB:BNTNF). Bontan Corp. announced today that the operator of the gas exploration project in the State of Louisiana, USA, in which Bontan has a 49% gross working interest, has secured the 1300 acre lease block covering the area of interest. The prospect to be drilled is located in eastern Calcasieu Parish, along a trend of "Hackberry" fields that have produced approx. 140 billion cubic feet gas equivalent (bcfe) to date. Potential reserves, unrisked, in the prospect area could approach 50 bcfe in several reservoirs.
An independent Texas based geophysical consultant, Mr. Ted Coughran, hired by Bontan to review the 3-D seismic data and other relevant data compiled by the prospect developers commented, "Even with the best of data there is no sure thing in the business of deep drilling for oil and gas. However, I believe that there is good and reasonable probability of success in finding commercial gas production on this prospect."
The proposed location for the initial 15,300-foot test well is designed so as to allow evaluation of several prospective reservoirs. Well planning and location design are in progress, utilizing the services of Brammer Engineering, a well-known Shreveport, Louisiana company with extensive experience in South Louisiana.
Mr. Kam Shah, CEO, commented, "We believe that this important milestone will further enhance shareholder value. We are very excited to have the opportunity to participate in this significant natural gas exploration project. This complements our ongoing indirect participation interest in InterOil's (AMEX:IOC) exploration project in Papua New Guinea."
Bontan has approximately 12 million shares outstanding. The stock closed yesterday at $1.31. Call me for my thoughts on what I believe to be one of the most underfollowed, undervalued and potentially explosive oil and gas plays of the year. Other notable stocks that look great lately include:
InterOil Corp. (AMEX:IOC)
Ultra Petroleum (AMEX:UPL)
Heartland Oil and Gas Corp. (OTCBB:HOGC)
Fidelis Energy Inc. (OTCBB:FDEI)
Maverick Oil and Gas Inc. (OTCBB:MVOG)
Adulis Resources Inc. (TSX Venture Exchange:ADE) (US Clearing:ADEZF)
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