Israel Petroleum, a subsidiary of Bontan Corporation, has secured $28m funding for offshore oil and gas project in Israeli licenses Sarah and Myra.

The company has entered into an agreement with Israel-based Ofer Investments under which Ofer will purchase a 50% interest in IPC Oil and Gas (Israel) for up to $28m.

This investment will be used to fund IPC’s share of the costs of drilling the first wells in the Sara and Myra licenses.

The Sara and Myra drilling licenses are held by a consortium comprised IPC (13.60%), Emanuelle Energy (24.161%), Emanuelle Energy Oil and Gas (19.161%), Modiin Energy (19.282%), and other entities.

IPC is owned 76.79% by Israel Oil and Gas Corporation, a subsidiary of Bontan, and 23.21% by International Three Crown Petroleum.

Bontan is an oil and gas exploration company that operates and invests in exploration prospects.