TORONTO, Nov. 23 /PRNewswire-FirstCall/ -- Bontan Corporation Inc. (OTCBB: BNTNF) today announced that its unaudited consolidated financial statements and accompanying notes for the six months ended September 30, 2006 and the related management's discussion and analysis ("M D & A") were filed with the relevant Canadian securities regulatory authorities. Copies of Bontan's filed documents may be obtained through SEDAR at http://www.sedar.com/.
Our consolidated revenue for the quarter ended September 30, 2006 was $89,000 and net loss for the same quarter was $91,000 ($0.00 per share) compared to the revenue of $1.9 million and a net loss of $3.1 million for the same period in 2005. Our consolidated net loss for the six month period ended September 30, 2006 was $470,000 compared to the loss of $4.5 million for the same period in 2005.
The following table summarizes financial information for the 2nd quarter ended September 30, 2006 and the preceding seven quarters: (All amounts in '000 CDN$ except Net income (loss) per share, which are actual amounts).
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Quarters ended
Sept. 30, June 30, Mar. 31, Dec. 31,
2006 2006 2006 2005
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Total Revenue 89 26 116 (174)
Income from operations - - 116 (174)
Net loss from continuing
operations (91) (379) (91) (155)
Gain(Loss) from discontinued
operations - - - -
Net loss per share - basic
and diluted (0.00) (0.01) (0.00) (0.01)
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Quarters ended
Sept. 30, June 30, Mar. 31, Dec. 31,
2005 2005 2005 2004
(a) (b)
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Total Revenue 1,914 2 241 160
Income from operations 1,914 2 258 160
Net loss from continuing
operations (3,148) (1,391) (4,200) (21)
Gain(Loss) from discontinued
operations - - 2 (182)
Net loss per share - basic
and diluted (0.21) (0.11) (0.40) (0.01)
(a) Quarter ended September 30, 2005
Revenue mainly comprised gain on sale of indirect participation interest
in oil exploration project in Papua New Guinea, 33% due to realised gain
on disposal of short term investments of the surplus funds on hand and
the balance consisted of interest earned primarily on the escrow account
balance relating to gas project in Louisiana.
The expenses mainly related to the write off of working interest in gas
exploration project in Louisiana, 30% ($2 million) of the expenses
comprised value of shares and options issued to consultants and directors
under the Company's various Plans.
(b) Quarters ended March 31, 2005
Substantial part of the loss and contributed surplus for fiscal 2005 are
attributable to the accounting for options granted to various consultants
during 2005 under the Company's two option plans for services.
There are presently 27,300,203 issued and outstanding common shares.
The current market value of the company's cash and short term marketable securities is approximately $6.8 million.
The company is currently seeking opportunities in the natural resource sector with a focus on oil and gas on a global basis.
Kam Shah, CEO commented, "We are pleased to report quarterly financial results, which reflect our conservative approach to limit operating costs while increasing the value of the surplus funds on hand. At present, the Company has approximately $6.8 million in cash and short-term marketable securities. We have been and are currently evaluating many participation opportunities in the natural resource sector, in particular oil and gas. In the light of today's high commodity prices, we have been very careful with the resources of the Company to ensure that whatever exploration projects we elect to participate in, will meet Bontan's stringent investment criteria."
About Bontan Corporation Inc.
Bontan Corporation Inc. (OTCBB: BNTNF) is a diversified natural resource company that acquires working interests in major 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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No regulatory authority has approved nor disapproved the content of this
release.
This press release contains forward-looking statements as defined in US
federal and Canadian securities laws ("the laws"). In particular, when
used in the preceding discussion, the words "plans", "confident that",
"believe", "expect", or "intend to", and similar conditional expressions
are intended to identify forward-looking statements within the meaning of
the laws and are subject to the safe harbor created by the laws. Such
statements are subject to certain risks and uncertainties and actual
results could differ materially from those expressed in any of the
forward-looking statements.
We currently have no reserves as defined in Canadian National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities. All
information contained herein regarding resources are references to
undiscovered resources under Canadian National Instrument 51-101, whether
stated or not.
