PetroMed is a junior exploration and development company whose mission and focus is to Discover, Drill, Develop and Deliver oil and gas to Israel and is focused on targets offshore Israel. The company had two licenses (Sarah and Myra) and one permit (Benjamin) offshore Israel. In December 2009, PetroMed announced the formal signing of a Purchase and Sale agreement with Israel Petroleum Company and Bontan Corporation is to receive a combination of common stock, warrants and an overriding production royalty (carried) and in April 2010 Petromed concluded an agreement for the transfer of the rights to a new partnership comprising Israel Land Development, Modiin, IPC and Prentice Tomlinson.