There is no question that Wireline Logging at the outset would be nice to have. However, Wireline Logging is only one of many ways to test a well. TECO is a small company that has to rent equipment it doesn't own. The Belize drill site was located by various ways, including satellite imaging to detect methane gas. Remember the oil seepage on the ground surface near our Belize drill site?
However, I would still consider it a wildcat well since the drill location was not part of an established field. Renting or shipping a Wireline Logging Truck to the site to supplement the core samples recovered would be nice, but not essential. It would also be extra overhead expense, especially if the core samples were not promising.
Once TECO struck Belize oil, it could use that news together with other activity to justify the Wireline Logging Truck expense.
In light of the many TECO drill site plans, it is cheaper in the long run to own a Wireline Logging Truck than to rent one. TECO opted to buy one.
The TECO 3/13/12 announcement stated:
"Andrew V. Reid, Chairman and Co-CEO of Treaty Energy Corporation, stated, "Treaty Energy has acquired the 'Wireline Logging Truck' with all supporting equipment, a system valued at over $200,000 that will be used to wireline log SAN JUAN #2 and all future wells in Belize. The truck assembly is having new cables and new electronics installed, and based on the current time line, the Wireline Logging Truck will be leaving for Belize on Friday, March 16th. Pictures of the new Wireline Logging Truck will be posted to the website.""
The TECO 3/13/12 announcement also stated:
"... the smaller of the Rigs, with all its supporting components, shipped back to Texas. This Rig, upon its return to Texas, will immediately commence drilling the first two 'permitted' wells on the Wooldridge leases... Ten additional drill sites are in the process of being permitted on the Wooldridge leases, with a possibility of 12 more drill sites after completion of drilling the initial 12 wells that Treaty has funded."
That is 22 wells being drilled in Texas while the big rig in Belize will be drilling deeper to better define the Belize field. Remember TECO is a public company responsible for its announcements to investors. If they lied to us, they will be in jail. If they told the truth, we will all be very happy.
Considering the fact it has only been six weeks since the Belize well hit oil and the transit time and difficulty between Texas and Belize and the fact the government of Belize which recently went through a close election has to be considered for progress there, I think TECO is moving along quite nicely with progress press releases at reasonable intervals. Sure, we'd like daily updates, but just because we have computers and an internet that let us trade stock instantly with a few key strokes doesn't mean we have a right to expect daily updates. We need to restrain our desire for instant gratification and build a portfolio that in time will greatly reward those of us who remain long in TECO.