BONTAN CORP INC BNTNF

154 -- 207 BCFE Potential Reserves

[ajootian]

The following was included in a "Snapshot" on Bontan sent out by the Current Capital guys today: "BOG has acquired a 49% working interest in a gas exploration and commercial drilling project on a minimum area of 1,300 mineral acres in Louisiana, USA. The expected range of unrisked reserves for the total project is estimated to be 154 to 207 bcfe contained in twelve reservoirs." This is probably a big reason why the stock has been powering up so strongly. If you used 150 BCF gross, Bontan's half (after backing out a 20% landowner's royalty) would be worth over $7/share using $2.50/mcf for the value of gas in the ground. Hopefully some of the targets are stacked on top of each other, so you can get more than one bite at the apple by drilling just one hole.