TORONTO, Feb. 1 /PRNewswire-FirstCall/ – Bontan Corporation Inc. (Bontan) (OTCBB:BNTNF) is pleased to announce today the results of the Evaluation Report prepared by Chapman Petroleum Engineering Ltd. on two prospects located on the Mira and Sarah Drilling Licenses, Offshore Israel. The Prospective Resource Evaluation Report, effective January 1, 2010, was prepared in accordance with National Instrument 51-101, Section 5.9 standards for review and assessment of prospective resources

For the Mira Prospect, the best estimate of gross prospective sales gas resources is 4.24 TCF and for the Sarah Prospect, the best estimate of gross prospective sales gas resources is 1.47 TCF. The following table provides best, low and high estimates of gross prospective sales gas resources for each prospect.

                       Gross Prospective Resources

                        Best       Low        High
                      Estimate   Estimate   Estimate

                        TCF        TCF        TCF

    Mira Prospect       4.24       3.03       5.45
    Sarah Prospect      1.47       1.05       1.89

                      TCF is a trillion cubic feet of natural gas

The low estimate is considered to be a conservative estimate of the quantity that will actually be recovered while the high estimate is considered to be an optimistic estimate of the quantity that will actually be recovered. The best (or median) estimate is considered to be the most likely estimate of the quantity that will actually be recovered.

Bontan will have an indirect 71.625% indirect interest in these prospects via its 75% equity interest in the Israel Petroleum Company which has acquired a 95.5% interest in the drilling licenses as well as an adjoining exploration permit from the current operator subject to approval by the Government of Israel.

The Chapman report also provides an economic evaluation of Bontan’s interest in both prospects assuming a successful ultimate recovery of these resources. For the Mira Prospect, using a discount rate of 10%, unrisked net present value ranges from $2.54 billion to $5.37 billion with an unrisked NPV of $3.96 billion as the most likely amount. For the Sarah Prospect, again using a discount rate of 10%, unrisked net present value ranges from $1.02 billion to $2.17 billion with an unrisked NPV of $1.59 billion as the most likely amount. A subsequent risk analysis of the economic evaluations using a probability of success calculated to be 30% for both prospects confirmed the feasibility of the drilling of these prospects.

All values presented do not necessarily infer the “fair market value” of these prospective resources. All monetary values presented are expressed in terms of US dollars.

In the cover letter of the Evaluation Report, Chapman Petroleum Engineering stated, “Based on our analysis, after consideration of risk, we have concluded that the potential of these prospects is of sufficient merit to justify the work program being proposed, and we therefore recommend and support the Company’s participation.”

The Mira Prospect is a large structure mapped with 2D seismic and targeting the same reservoir zone as the Tamar Field discovered in 2009. The Tamar Field is approximately 30 miles directly to the north of the Mira Prospect with reported reserves of 7.7 TCF. The Sarah Prospect is another structure mapped with 2D seismic. It is on the same trend and targeting the same reservoir zone as the recent Dalit discovery well drilled in 2009, approximately 10 miles due north. Reported reserves for the Dalit Field are 0.5 TCF.

The Mira and Sarah Drilling Licenses are adjoining blocks located 30 to 60 miles offshore Israel within the Eastern Mediterranean Sea. They are each 154 sq. mi. in size and to date no exploratory drilling has been done on either block. A 3D seismic program was completed on the entirety of both blocks in late 2009 and is currently being processed for interpretation.

Kam Shah, CEO of Bontan, commented, “The Company is very pleased with the results of the Evaluation Report on these offshore Israeli prospects. This independent technical assessment confirms that these exploration blocks are indeed world class assets and completely justify the Company’s investment of time and capital in this highly significant project. A review of global exploration discoveries in 2009 just published by the American Association of Petroleum Geologists also reported that the recent offshore Israel natural gas discoveries were among the most significant in the world. This independent technical report places the Company’s prospects in the same geological setting as the 2009 offshore Israel discoveries. Our next step is the completion of the processing and interpretation of the 3D geophysical survey acquired over the Mira and Sarah drilling licenses. Firm drilling locations can then be selected on both prospects and application made to the Government of Israel to commence an exploratory drilling program.”

Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

Chapman Petroleum Engineering Ltd., a Calgary based consulting firm, are Qualified Reserves Evaluators and Auditors. They have previously acted as technical advisors to the Government of Israel and have conducted similar resource evaluations in many petroleum basins around the world.

Bontan Corporation Inc. is a Canadian public company based in Toronto, Ontario which invests in international oil and gas exploration prospects. Bontan Corporation Inc. trades in the United States on the OTC Bulletin Board under the symbol BNTNF.

    Forward-Looking Statements
    --------------------------

This news release includes forward-looking statements within the meaning of the U.S. federal and Canadian securities laws. Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “expect,” “plan,” “intend,” “project, “estimate” or similar words suggesting future outcomes or statements regarding an outlook. Information relating to resource estimates and future valuations are forward-looking statements and are based on assumptions, estimates and opinions of Chapman Petroleum Engineering as of the date the statements were made. Actual results will differ from those estimated by Chapman Petroleum Engineering and such differences may be material. By their nature, forward-looking statements involve numerous assumptions and known and unknown risks and uncertainties that contribute to the possibility that the projections, forecasts, estimates and other forward-looking information will not occur. The following factors, among others, could cause actual results or events to differ materially from those indicated in the forward-looking statements: the need to obtain approval of the transfer of the two licenses and permit to Israel Petroleum Company, Limited by the Israeli Petroleum Commissioner, reliance on our project manager well as third-party consultants and contractors to develop the offshore Israel project, the availability and terms of capital, the amount, nature and timing of capital expenditures, the results of exploration and development drilling and related activities, the cost and other effects of legal proceedings, settlements and claims, volatility in commodity prices for natural gas and crude oil, exploration and development risks, the presence or recoverability of estimated reserves, the availability of infrastructure, drilling rigs and equipment, drilling and operating risks, actions by governmental authorities, including increases in taxes, changes in environmental and other regulations, economic and political uncertainties in Israel, including potential disruption from terrorist activities and war, weather conditions, general economic conditions and other risks set forth from time to time in Bontan’s filings with the U.S. Securities and Exchange Commission (SEC) and securities regulators in Canada. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, expectations or assumptions upon which they are based will occur. Bontan assumes no obligation and expressly disclaims any duty to update the information contained herein, except as required by applicable securities laws.

    Cautionary Note to U.S. Investors
    ---------------------------------

This new release and the Chapman report contain references to “prospective resources” (as defined above), which do not qualify as, and should not be confused with, reserves. Under SEC rules, reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project. The SEC permits oil and gas companies, in their SEC filings, to disclose only “proved,” “probable” and “possible” reserves. While Canadian securities regulators permit the use of the term “prospective resources” under National Instrument 51-101, the SEC does not recognize this term. Prospective resources have a great amount of uncertainty as to their existence and economic and legal feasibility. There is no assurance that prospective resources will ever convert into as possible, probable or proved reserves under SEC standards. U.S. investors are cautioned not to assume that all or any part of a resource exists, or is economically or legally recoverable.

About the off shore Israel Project

Bontan owns, through its wholly owned subsidiary, Israel Oil and Gas Corporation a 71.625% indirect working interest in the Project Assets via its 75% interest in Israel Petroleum Company, which acquired an undivided 95.5% working interest in the Mira and Sarah Drilling Licenses and the Benjamin Exploration Permit, subject to approval by Israel’s Ministry of Natural Infrastructure. WesternGeco, a division of Schlumberger has completed a 3D seismic survey on the Mira and Sarah Drilling Licences and a 2D survey on the Benjamin Exploration Permit.

The Project Assets, composed of interests in the Mira and Sarah Drilling Licenses and the Benjamin Exploration Permit, totalling 2,668 square kilometres, are located in the Levantine Basin in the eastern Mediterranean Sea offshore Israel, near the recently announced natural gas discoveries in the Tamar 1 and 2, and the Dalit wells. The three wells were drilled by Noble Energy Inc. (NBL.NYSE), in partnership with Delek Energy Systems (DEOL.TA), Isramco (ISRA.TA), and Avner Oil and Gas LP (AVNR.TA). According to published reports, the wells have a reported 6.8 TCF (1.02 BBOE) of estimated proved, probable and possible reserves in their License area, which makes this the second largest gas discovery in the world since January 2008. South of the Project Assets in the eastern Mediterranean offshore Israel are other gas fields, including the Mari-B field, also drilled by Noble, Delek, and Avner, which reportedly contains 1 TCF (150 MBOE) in estimated proved, probable and possible reserves.

About Bontan Corporation Inc.:

Bontan Corporation Inc. is an international diversified natural resource company that operates and invests in 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.

Forward-Looking Statements

This news release may include forward-looking statements within the meaning of the U.S. federal and Canadian securities laws. Any such statements reflect Bontan’s current views and assumptions about future events and financial performance. No assurances can be given that such future events or performance will occur. Important risks and factors that could cause actual results or events to differ materially from those indicated in the forward-looking statements, include, without limitation, economic and political developments in Israel, approval of the transfer of the two licenses and permit to IPC by the Israeli Petroleum Commissioner, reliance on ITC as well as third-party consultants and contractors to develop the project, the ability of Bontan and IPC to raise sufficient capital, the risk that no hydrocarbons may be found or that 2D and 3D seismic may diminish the attractiveness of the assets, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, geological and geophysical analysis and interpretation, exploration and development risks, drilling and operating risks, competition, environmental risks, government regulation or other action, potential disruption from terrorist activities and warfare in the region or at the project assets, general economic conditions and other risks set forth from time to time in Bontan’s filings with the U.S. Securities and Exchange Commission and securities regulators in Canada. Bontan assumes no obligation and expressly disclaims any duty to update the information contained herein.

The WesternGeco Eagle seismic vessel commenced 2D acquisition on the Benjamin Exploration Permit September 4, 2009 and completed shooting on September 14, 2009. Twenty nine 2D lines were acquired covering the 1,863 square kilometer permit area. Preliminary processing of the 2D seismic data began onboard the Eagle and is continuing at WesternGeco’s Gatwick processing center in the UK. Once processing is complete, the 2D data will be integrated into the existing Benjamin seismic, geologic and well data. The database will then be interpreted in order to identify the area(s) within Benjamin for conversion from Exploration Permit to Drilling Licenses status in February 2010. It is anticipated that one to three such areas for conversion will be identified. Additional seismic work will be required for any such areas covered by Drilling Licenses. Conversion is subject to approval by the Israeli Government that all work requirements have been met.

On October 26, 2009, the WesternGeco Triton seismic vessel commenced 3D production shooting on the Mira and Sarah Drilling License areas. The survey was completed on December 3, 2009. A total of 3,067 line kilometers were acquired covering the Sara and Mira Drilling Licenses, each License covering 400 square kilometers. Water depths in the License areas vary from about 1,000-1,500 meters and estimated depth to potential targets varies from 3,500-6,000 meters. Again, processing of acquired seismic data started onboard the Triton and will continue at WesternGeco’s Gatwick processing center in the UK. Processing is anticipated to take approximately 5 to 6 months, with additional time required to render a Pre Stack Depth Migration volume. Once the 3D processing is completed, it will be integrated into the existing seismic, geologic and well databases over the Sarah and Mira Drilling Licenses in order to identify potential drilling locations for the first exploration wells on the two Licenses. IPC intends to farmout its interest in the Licenses to drilling partners when the seismic interpretation is complete.

About the Project Assets

The Project Assets, composed of interests in the Mira and Sarah Drilling Licenses and the Benjamin Exploration Permit, are located in the Levantine Basin in the eastern Mediterranean Sea offshore Israel, near the recently announced natural gas discoveries in the Tamar 1 and 2, and the Dalit wells. The three wells were drilled by Noble Energy Inc. (NBL.NYSE), in partnership with Delek Energy Systems (DEOL.TA), Isramco (ISRA.TA), and Avner Oil and Gas LP (AVNR.TA). According to published reports, the wells have a reported 6.8 TCF (1.02 BBOE) of estimated proved, probable and possible reserves in their License area, which makes this the second largest gas discovery in the world since January 2008. South of the Project Assets in the eastern Mediterranean offshore Israel are other gas fields, including the Mari-B field, also drilled by Noble, Delek, and Avner, which reportedly contains 1 TCF (150 MBOE) in estimated proved, probable and possible reserves.

About Bontan Corporation Inc.:

Bontan Corporation Inc. is a Canadian public company based in Toronto, ON which explores for oil and gas in the Levantine Basin offshore Israel. Bontan owns, through its wholly owned subsidiary, Bontan Oil and Gas Corporation, a 71.625% indirect working interest in the Project Assets via its 75% interest in Israel Petroleum Company, which acquired an undivided 95.5% working interest in the Mira and Sarah Drilling Licenses and the Benjamin Exploration Permit, subject to approval by Israel’s Ministry of Natural Infrastructure. The remaining interest in IPC is owned by International Three Crown Petroleum (22.5%) and Allied Ventures, Inc. (2.5%).

Bontan Corporation, Inc. trades in the United States on the OTC Bulletin Board of NASDAQ under the symbol BNTNF.

    Forward-Looking Statements
    --------------------------

This news release may include forward-looking statements within the meaning of the U.S. federal and Canadian securities laws. Any such statements reflect Bontan’s current views and assumptions about future events and financial performance. No assurances can be given that such future events or performance will occur. Important risks and factors that could cause actual results or events to differ materially from those indicated in the forward-looking statements, include, without limitation, economic and political developments in Israel, approval of the transfer of the two licenses and permit to IPC by the Israeli Petroleum Commissioner, reliance on ITC as well as third-party consultants and contractors to develop the project, the ability of Bontan and IPC to raise sufficient capital to complete evaluation work and to drill required exploratory wells, the exploratory and speculative nature of the assets, the risk that no hydrocarbons may be found or that 2D and 3D seismic may diminish the attractiveness of the assets, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, geological and geophysical analysis and interpretation, exploration and development risks, drilling and operating risks, competition, environmental risks, government regulation or other action, potential disruption from terrorist activities and warfare in the region or at the project assets, general economic conditions and other risks set forth from time to time in Bontan’s filings with the U.S. Securities and Exchange Commission and securities regulators in Canada. Bontan assumes no obligation and expressly disclaims any duty to update the information contained herein.

SOURCE Bontan Corporation Inc.

Bontan’s interest is held by its 75% equity interest in Israel Petroleum Company, LTD. (IPC). IPC has acquired an undivided 95.5% working interest in the Project Assets from a private company, subject to approval of the transfer by the Israeli Ministry of Infrastructure.

The consideration paid by Bontan in connection with the acquisition of its interest in IPC was a cash consideration, 8.6 million common shares and 22.8 million common share warrants. The warrants have a term of 5 years and are exercisable at US$4 per share. The private company retained a 3% overriding royalty in the Project Assets.

Bontan arranged for one-year loans to cover part of the acquisition cost. The loans accrue interest at 10%, are payable without penalty at any time, and are secured by a portion of the shares in IPC. A total of 1.15 million common share warrants have been issued to the lenders as compensation for the loans. The warrants have a five year term and are exercisable at US $0.35 per share.

All shares and warrants issued are restricted from trading until their resale is registered with the U.S. Securities and Exchange Commission.

About the Project area

The Project Assets are located in the Levantine Basin near the recent Tamar 1, Tamar 2, and the Dalit natural gas discoveries. The three wells were drilled by Noble Energy Inc. (NBL.NYSE), who partnered with Delek Energy Systems (DEOL.TA), Isramco (ISRA.TA), and Avner Oil and Gas LP (AVNR.TA). The wells have a reported 6.8 TCF (1.02 BBOE) of estimated proved, probable and possible reserves in the licensed area, making this the second largest gas discovery in the world since January 2008. South of the Project Assets is the existing Mari-B field, also drilled by Noble, Delek, and Avner, which contains a reported 1 TCF (150 MBOE) of estimated proved, probable and possible reserves.

The required 3-D seismic for the license area is in the process of being completed. The required 2-D seismic work for the permit has been completed and application will be made to convert the permit to a license.

Management of Project Assets

International Three Crown Petroleum LLC (ITC), managed by Howard Cooper, owns a 22.5% equity interest in IPC and will operate the Project Assets. Mr. Cooper has been involved in the international oil and gas business for thirty years, having successfully developed projects in the United States, Russia, and Kazakhstan. Mr. Cooper commented, “Obtaining two licenses and an adjoining permit adjacent to Noble Energy’s estimated 6.8 TCF recent discoveries and north of the existing Mari-B field is very exciting. Analysts have valued Noble’s 36% interest in their new discoveries at $1.5 billion. We are very excited about the potential upside to this project.”

Kam Shah, CEO of Bontan, commented, “The acquisitions of the Mira License, Sarah License and the Benjamin Permit, covering over 2,660 square kilometres, provides Bontan with the long awaited opportunity to participate in the development of Israel’s offshore oil and gas resources. With the 6.8 TCF discoveries north of the Project Assets, the possibility of significant hydrocarbon deposits on our project area exists.”

About Bontan Corporation Inc.:

Bontan Corporation Inc. is an international diversified natural resource company that operates and invests in 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.

There are 48,338,429 shares outstanding and 44,024,478 warrants and options outstanding as at November 24, 2009, for a total of 92,362,907 shares on a fully diluted basis.

Forward-Looking Statements

This news release may include forward-looking statements within the meaning of the U.S. federal and Canadian securities laws. Any such statements reflect Bontan’s current views and assumptions about future events and financial performance. No assurances can be given that such future events or performance will occur. Important risks and factors that could cause actual results or events to differ materially from those indicated in the forward-looking statements, include, without limitation, economic and political developments in Israel, approval of the transfer of the two licenses and permit to IPC by the Israeli Petroleum Commissioner, reliance on ITC as well as third-party consultants and contractors to develop the project, the ability of Bontan and IPC to raise sufficient capital, the risk that no hydrocarbons may be found or that 2D and 3D seismic may diminish the attractiveness of the assets, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, geological and geophysical analysis and interpretation, exploration and development risks, drilling and operating risks, competition, environmental risks, government regulation or other action, potential disruption from terrorist activities and warfare in the region or at the project assets, general economic conditions and other risks set forth from time to time in Bontan’s filings with the U.S. Securities and Exchange Commission and securities regulators in Canada. Bontan assumes no obligation and expressly disclaims any duty to update the information contained herein.

Contacts:

Investor Relations:

Current Capital Corp.

John Robinson

416-860-0211

www.bontanoilandgas.com

SOURCE: Bontan Corporation Inc.

But for Yossi Langotsky, who for 10 years has been the driving force behind the project, the gusher was a bittersweet victory. He has been drilling holes in the Promised Land for nearly four decades, in a mostly futile search for energy. A month before drilling started on what would become the largest find in Israeli history, his financial backer pulled out. That forced him to relinquish his stake — today valued at an estimated $350 million.

“After 60 years of no success in oil exploration here in Israel, a miracle took place, and I lost out 30 days before it happened,” says Mr. Langotsky, 75 years old.

The pivotal role played by Mr. Langotsky in the historic discovery is undisputed. The two fields are named for his daughter, Dalit, and granddaughter, Tamar.

The fields, which won’t start producing gas until 2014, are relatively modest by Mideast standards. But they have already triggered a frenzy in the country’s quiet energy industry.

Since January, Israeli oil companies’ stocks have soared, some rising as much as tenfold. In 2009, oil companies have invested between five and 10 times as much in Israel exploration as at any point in the country’s history, says Yaakov Mimron, head of Israel’s Petroleum Commission.

In recent weeks, two international companies, including Houston-based Noble Energy Inc., which led the team that made the gas find in January, separately began extensive and costly 3D seismic surveys of more offshore prospects. A Noble spokesman said they expect to drill new wells next year.

In the past 60 years, oil companies have drilled about 450 wells, but choked out just 20 million barrels of oil, less than Saudi Arabia churns out in three days.

Israel’s dearth of oil in a region awash in it became a national joke. “My closest friends laughed at me,” says Mr. Langotsky.

Many Israeli oil geologists quit the profession. Many of those who stayed are a touch unconventional by industry standards. The two exploration companies currently drilling for oil onshore in Israel are both run by pious prospectors, one an Orthodox Israeli Jew and the other a born-again evangelical Christian from Texas. They both use a combination of biblical prophecy and sound geological data to decide where to drill.

Mr. Langotsky began his oil career as a graduate student in the late 1950s, studying oil prospects along the Dead Sea. He left the profession when he was called on to serve in the army. He played a prominent role commanding an elite reconnaissance unit that helped capture Jerusalem from the Jordanians in the 1967 war.

After leaving the army in 1979, Mr. Langotsky returned to the oil business. For most of the next two decades he roamed Israel, drilling as many as 60 wells.

In the 1990s, Mr. Langotsky and a handful of others began looking offshore. Israel’s fortunes started to turn with a series of moderate-size gas finds in waters off the coast of southern Israel and Gaza.

It was then that Mr. Langotsky first turned his attention to a vast tract of territory deep underwater in the Mediterranean Sea, farther offshore than others were looking.

He pitched the prospect to about 100 top international oil firms, he says. They all turned him down, except for Britain’s BG Group PLC, which agreed to form a partnership with Israeli companies to study the site. The site was set to drill in 2002, but then the project snagged.

Drilling costs in such deep waters nearly 60 miles offshore would likely reach hundreds of millions of dollars, and the partner firms started squabbling about who would shoulder what percentage of the risk. There were also technical problems. Many international oil companies were wary of working in Israel, for fear of alienating oil-rich Arab governments.

Companies started dropping out, including, in 2005, BG itself. The company said the project wasn’t one of its drilling priorities at the time. Eleven different companies were in and out of the project at various times in the nine years it took to start drilling.

At last, in 2007, Noble, a midsize Texan oil company, agreed to buy a 35% stake and take over operations.

Since the project’s conception in 1999, Mr. Langotsky remained its public face. He convinced new firms and investors to join whenever one dropped out, and lobbied the Israeli government.

“If Yossi had not been there, then things would be looking quite different today,” says Charlie Druckman, Israel’s petroleum commissioner until 2004.

Early in the project, BG offered Mr. Langotsky the chance to buy a 5% stake. Unable to finance the stake himself, he brought in Israeli billionaire diamond and real-estate magnate Benny Steinmetz, who agreed in 1999 to buy the stake and give Mr. Langotsky one-fifth of his share, Mr. Langotsky said.

But in the summer of 2008, amid the global financial crisis, another infusion of cash was needed to start drilling, and Mr. Steinmetz balked, according to Mr. Langotsky. He said he would no longer invest in the project, relinquishing his 5% stake — including the share pledged to Mr. Langotsky, according to Mr. Langotsky. Other investors in the project took over the stake.

Mr. Langotsky still had the option to buy a 5% stake, but couldn’t find an investor to back him. Soon after, Noble announced the big find at Tamar, followed by the smaller Dalit field — finds amounting to nearly 1.2 billion barrels of oil equivalent. Mr. Langotsky was left with nothing but bragging rights.

Mr. Langotsky has captured some sympathy from industry colleagues and in the Israeli media. In the Israeli media’s portrayal of the situation, Mr. Steinmetz has been vilified. In September, Israel’s leading economic newspaper named him most in need of forgiveness for Yom Kippur, the Jewish day of atonement, for leaving Mr. Langotsky in the cold.

Supporters of Mr. Steinmetz say it didn’t make sense to continue with a risky, capital-intensive oil venture at a time of global economic uncertainty.

Mr. Langotsky remains defiantly upbeat. The son of early Zionist pioneers who valued duty to country over self, he insists his passionate search for oil was never about the money. “I’m very proud; I feel great,” he says. “I am totally disappointed that I failed to keep my rights, but this discovery is one of the greatest achievements of my life.”