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Actually our off-shore concession is a little tricky. The northern edge of the Carribean plate pretty much smashes into Belize about mid-section, this is also the location of the Maya Mtns. The southern edge of this plate is where Trinidad and Tabago are; where I might add there is a very lucrative oil industry with drilling companies actually posted on the Vancouver stock exchange. We also associate Trinidad and Tobago with volcanism; very similar tectonics (and oil drilling opportunities)are seen off of Costa Rica. (Part of the ring of fire).
Nevertheless, offshore Belize may very well be amazingly different above and below the Trench running pretty much due east and west offshore Belize. Ergo, the need for a geophysical aerial survey. (The trench is a slip-strike fault I believe, think of the Carriban Plate as rotating clockwise I believe) Subdeuctionis occurring along the plate's boundary in the Trinidad Tabago area (hence the volcanism).
Paradise may very well be one of the worst concessions for oil exploration, so much of it being metamorphic rock. Having said that the edges of the mountains could actually be catching oil, and in conjunction with the limestone lapping up the flanks of these mountains, we could see oil traps much like we see along the edge of our Rocky Moutains.
I would think our best off-shore opportunity lies just south of the border with Mexico, our concession is contiguous with this line, and the currents (the Gulf Stream) would move any pollutants into Mexican waters, which to date are largely unexplored, this is not the Gulf. Pretty virgin from what I can tell, which is why I always keep making the analogy to the Cuban well now being drilled in deep water near Cuba's boundary with our Floridain waters. We don't want a blowout there and the Spanish company Respola (?) recently had a blowout it seems like in the North Sea.
In any case here is another history lesson on Carribean oil, the story of Trinidad's oil: Oiljob
The History of Trinidad's Oil
The Trinidad Branch of the Institute of Petroleum held its 22nd Annual Dinner at Bretton Hall Hotel on April 23rd 1960. The Chairman of the Branch, Dr. A.L. Down, addressed the assembly on the subject of "The History of Trinidad's Oil". As we renew our thrust to explore for new horizons and new fields, and as we approach the 1990s with guarded optimism over oil prices, it may be enlightening to look back on our past and remind ourselves of the considerable difficulties surmounted by the pioneers in the early days of exploration, and of our own proud record of having achieved several 'firsts' in the oil industry. With this in mind the text of Dr. Down's feature address at the 1960 Annual Dinner is reproduced here:
"Everyone here is aware of the importance of the oil industry to Trinidad and Tobago and of the immense benefit that has accrued to this island and its people through the efforts of the pioneers and technologists who built up the petroleum industry in this island. But how many of our members and guests here tonight know any but the details of the beginning of the in industry in Trinidad? In spite of the efforts of certain of our members now no longer with us, in particular Mr. W.F. Penny, with the assistance of the Trinidad Branch and of the Oil Companies, there is no published history of Trinidad's oil.
On the other hand much has been written about the beginnings of the oil industry in North America and particularly concerning the doings of a gentleman by the name of Colonel Drake, although we understand that he never saw military service and the title of Colonel was merely a subterfuge given by his financial backers in order to enhance prestige.
Last year - 1959 - saw the centenary of Drake's well at Sugar Creek, Pennsylvania, when oil was encountered at a depth of 70 feet and in spite of claims by other countries, Canada recently in particular, that date has become by usage the starting point of the history of the modem oil industry.
Now what was happening in Trinidad in the year 1859? The Pitch Lake was of course well known, as our postage stamps remind us. Sir Walter Raleigh caulked his ships at La Brea in the Elizabethan days and no doubt the Pitch Lake was a source of wonder to the Spanish settlers, who probably considered it rather messy. Certainly it aroused the interest of General Abercromby and Lord Cochrane when the island came under British rule following its capture in 1797. They were probably responsible for the visit of Dr. Nugent, an eminent member of the Geological Society, who visited Trinidad in 1807 for the expressed purpose of studying the Pitch Lake, and the account given to the Geological Society was published some four years later.
Little seems to have come of Dr. Nugent's efforts until 1855 when arrangements were made for a geological survey of Trinidad, with specific reference to the Pitch Lake, which was undertaken by two gentlemen by the name of Wall and Sawkins, and they published "A Report on the Geology of Trinidad" or "Part I of the West Indian Survey" in 1860. This work is still referred to by geologists even today. Much interest was aroused in the possibility of obtaining oil from the pitch of the lake or from formations surrounding the lake itself. The record shows that the Merrimac Company, registered in 1857, made attempts to produce oil by distillation of pitch, but furthermore in the same year they drilled a well to a depth of about 280 feet, which was a much greater depth than Drake's well in Pennsylvania - and two years earlier - and produced oil therefrom.
In spite of their success the Merrimac Company went into liquidation, in all probability transportation was one of their major troubles, and, of course, the discovery of oil in the United States and the development of the shale oil industry in Scotland and elsewhere in the later 1850s resulted in the potential markets for Trinidad oil being supplied from closer sources.
A few years later another pioneer, this time a civil engineer from the United States by the name of Mr. Walter Darwent, interested a number of merchants in Port of Spain in floating the Paria Oil Company. Having drilled a dry hole somewhere near San Fernando, they completed a successful well in the Aripero estate in 1866-67 at a depth of 160 feet.
In the following year, another venture, the Trinidad Lake Petroleum Company, drilled a successful well in the La Brea area, striking oil at 250 feet. Darwent unfortunately died, and with his death, interest in the oil prospects of Trinidad lay dormant until the present century, with the exception of a solitary report of a hunter bringing in sample of oil collected from a seep near Moruga.
At the start of the present century the name of Mr. Randolph Rust, regarded by many as the father of the Trinidad Oil Industry, first appeared on the scene. In association with Mr. Lee Lum, who owned adjacent properties in the area, the long uphill fight to develop Guayaguayare into a commercial oil field was started in 1901 with Canadian financial backing. Until the last few years during which time road communications have greatly improved, it was to many people quite an adventure to visit the southeast comer of Trinidad. It needs. but little imagination to appreciate at least some of the practical difficulties with which Rust had to contend in getting equipment into an area such as Guayaguayare. Everything had to be towed around from Port of Spain on lighters ' which were probably worked at high tide over the bar of the Pilot river to a roughly prepared landing stage from which the equipment was hauled by men through the bush or over rough clay roads. The drillers employed were Canadians, and three or four expatriates with a group of Trinidadians, mainly from Mayaro and Guayaguayare villagers, starting with nothing that they had not brought in with them, and certainly with none of the general amenities of the civilised world at that time, got to work in the forests.
They overcame many difficulties and ill health and in May, 1902 the first well was begun, using the Canadian Pole System of percussion drilling. Three months later the well was completed at a depth of 1,015 feet, and oil was produced at the rate of 100 barrels a day. Eight more wells were drilled and there are reports in the early drilling logs that in some wells rotary drilling was used at depths below 600 feet. In spite of finding a number of producers and making a sustained effort over a period of 5 years, funds were exhausted and Guayaguayare was abandoned without making a commercial shipment, transportation of the oil out of the field being one of the major difficulties. One of the results of Rust's early efforts was interesting the Government to bring out an eminent geologist, Mr. Cunningham-Craig, in 1904 to map Trinidad geology with the primary object of locating oil fields. A third personality, as dynamic as Rust and Cunningham-Craig, arrived in Trinidad in January 1906, A. Beeby Thompson, an engineer with experience with British Oil Companies in Russia. At this time the great oil fields of the Middle East and Venezuela were undiscovered and the greater part of world oil production was divided about equally between U.S.A. and Russia.
Cunningham-Craig's survey had directed interest to the Point Fortin region, and Beeby Thompson started building a base in this area for the Trinidad Oil Syndicate in late 1906. Conditions were unhealthy, staff and employees suffered severely from malaria and in April 1907 there was a serious outbreak of Yellow Fever. Drilling, however, commenced in May 1907 and with swelling and heaving clays, in spite of which a number of shallow producers were completed in 1907 and 1908 by percussion drilling.
Productivity of the field being thus demonstrated, thoughts were entertained on forming a larger company, and this at a time when the Admiralty were getting anxious to secure oil supplies under British control for the Royal Navy, whose new ships were almost entirely oil burners. As a result Trinidad Oilfields Limited was formed early in 1910, Beeby Thompson having meantime secured further acreage, including the area known as Parry Lands. In 1911-12 a number of prolific wells were drilled in this area, one flowing 10,000 bbls/day from a depth of 1,400 feet. Thus Trinidad's first commercial success was achieved, by the Trinidad Oilfields Limited, which was taken over in 1913 by United British Oilfields Limited, now Shell (Trinidad) Limited.
At the same time as this development in the Point Fortin area, and encouraged no doubt by the successes of Trinidad Oilfields, others started drilling in the neighbouring areas. The Trinidad Lake Petroleum Company drilled a successful well to the south of the Pitch Lake in 1909 and three years later extended their operations into Vessigny where they brought in a number of good producers. Well No. 42 caught fire in October 1912, when producing oil at a rate of 30,000 bbls/day.
Owing to the pressures encountered, troubles with blowouts were numerous and fires occurred all too frequently. The records tell us that in 1912 Mr. Stollmeyer, drilling in his Perseverance Estate near Guapo, struck oil at 250 feet, but the well blew wild and some 80,000 bbls of oil escaped down the Vance River, and one can imagine the pollution problem that resulted. With the high pressures encountered in these shallow wells, it seems to have been the generally accepted thing that gushers would be encountered.
Consequently arrangements were made to salvage as much of the oil that gushed as possible; hence whilst drilling was in progress earthen dams and drains were constructed to contain the oil. Since no one knew when oil was likely to be encountered, if it was encountered at all, an emergency crew was kept on hand with pumps, spades and picks. Since some of these wells, when they did produce, made as much as 10,000 bbls/day for several days, as one contemporary writer put it, "the emergency crew had to rush around quite a bit". Invariably the wells quit through sanding up or through collapse of the casing and as much of the oil as possible was then pumped away to storage. Some of the early drilling logs make most interesting reading and I quote:
"Well blew two joints of five-inch above crown block"
"Had to close down owing to gas rocks coming out of the hole"
"The pressure lifted the rotary table less than 30 feet up into the derrick'
"Well blew five joints of eight-inch casing up into derrick bringing down travelling block and crown block"
"Well flowed tools out of the followed up with oil and sand shooting rocks out of the hole"
Mention has already been mad rotary drilling, and the first well drilled entirely by this method was Parry Lands No. D4 completed to 580 feet in 1914. About this time in the y immediately preceding World War I number of other companies, who with us today, made their appearance Among them, Trinidad Leaseholds Limited, now Texaco Trinidad founded in 1913, who brought in the first producer in Forest Reserve in 1914, the discovery well for that field and Trinidad Central Oilfields, form by Alexander Duckham as a private company in 1911, with headquarters Tabaquite. The year 1914 - the outbreak of World War I - saw Trinidad oil production pass the 1 million-barrel mark for the first time. Colourful as is the early history oil production in Trinidad, one in remember that production is only stage one, to be followed by storage, transportation, refining and marketing.
Early storage of crude oil in Trinidad was in underground earthen tank Some must have been of considerable size. Rust records 300 bbls being stored in one in the early days in Guyaguyare are, and there is a report that a pony fell into one and drowned, being unable to swim in crude oil. In 1914 a report showed 30,000 bbls of crude in earthen storage tanks in Forest Reserve. There are few details of storage tanks prior to this time although in 1910, six large 64,000 bbl tanks were erected Brighton. The first export cargo of crude oil was loaded from Brighton in 1910 Later, pipelines were laid to load crude oil at Pointe-a-Pierre and Claxton Bay the former from the Forest Reserve Field and the latter, the light crude from Tabaquite.
Concerning the former there is an interesting account concerning the Admiralty tanker Masconomo, the date August 16th 1916. The captain went ashore and asked the manager: "Have you got any oil?" The manager replied: "Not at present, but if you care to wait a day or two, we're drilling a well and we'll give you all it's got if it gets any!"
The captain decided to wait and with some of his officers made a trip to Forest Reserve to see the well brought in. Fortunately, the initial flow was sufficient to complete the cargo, and oil was pumped straight from the well into the ship, no doubt plus water and sand. On the refinery side, the first small crude unit was established at Point about 1910, followed by Brighton. A number of other units were built to supply local requirements of gasoline and burning oil, and in 1917 the refinery at Pointe-a-Pierre was started. like all refineries of the period the basis was the horizontal boiler type crude stills. The year 1922 saw the introduction of a cracking plant at Pointe-a-Pierre, rather before the days of the cracking art, as the following description would indicate, - "Trees in the vicinity of the plant, when it was in operation, exhibited glorious autumn tints as a preliminary to dying, birds passed away in the atmosphere of hydrocarbon vapours and hydrogen sulphide, silverware turned black with prolific deposits of silver sulphide, and the whole neigbourhood was rendered uninhabitable". After a few attempted runs the unit was changed over to topping duties.
These brief glimpses into the past have already advanced us to the 1920s which saw other companies (Apex, T.P.D. and Kern) now with us become established, the eventual successful development of Guayaguayare as an oilfield, and great technological advances in both producing and refining.
We all know that, whereas to the economy of Trinidad and Tobago,the oil industry is of greatest importance, on a free world basis our volume contribution is small - about 1/2% percent. However, on a technological basis the contribution of Trinidad's oilmen has been significant and the efficiency of the producing and refining operations highly commendable. The industry here has recorded a number of notable "firsts", to quote but two: - gamma ray well logging on the producing side and commercial n-butane isomerisation in the refining industry.
Most of the colour of the early oil pioneering days has long since gone, but the challenge to the oil technologist in this dynamic and highly competitive industry is greater today than ever before."
Think mud volcanoes, largely assoicated with oil and gas, pitch lakes, and one gets Azerbaijan. And there is a lot of oil there as everyone knows. I think there are more mud volcanoes in Azerbaijan than anywhere else in the world. Oiljob
Our drill holes are never "unattended". In the case spoken of previously, the crew was gone, but the surface casing was installed and the entire hole cemented.
When the drilling crew returned they drilled out the footing at the bottom of the casing, a steel "foot", and drilled the hole to depth (TDO): Total Depth of Operation); at which point they installed casing for the drill bore and cemented it into place with a new footing at the its bottom.
To bring the well into production you need to go into the drill bore, with a perforating tool and blast holes in the casing where the various logs tell you hydrocarbons exist. We may perform a sort of fracking at that point and bring the well on-line. If there is more than one horizon to frack, you start with the lowest horizon and install plugs between each production horizon as you frack up the drill bore towards the surface.
Then to bring it into production you need to drill out all your plugs and allow the well to come on-line. Provided there are water and gas horizons in the drill bore (the lithography may contain different liquids and volatiles at various horizons each trapped by higher cap rocks) the oil we free flow initially, otherwise you pump. If gas, oil and water exist between any two cap-rocks then the oil will sit ontop of the water and the gas will sit on top of the oil. The gas and water cause pressure on the intervening oil squeezing it out of the formation. If you ovrproduce a well the oil can be disrupted by allowing the water to reach your perf zone. Then you start producing water instead of oil. The water invades your production. It's not so bad if the gas does this. And remember, being this close to the ocean some of the water at depth could actually be marine.
Nobody in walking away from wells and leaving them unattended. That is shear malarcky. Oiljob.
Sometime in the very near future we will complete our second well in Belize. I presume we will once again describe a commercial amount of oil in the initial horizon identified by our first well; we will also hopefully identify "deeper horizons" of commercial production. Mr. Cho can easily declare our field commercial and authorize production based on these deeper production pools.
We need to get along with the Office Mr. Cho directs, ergo, the daily bad-mouthing of Mr. Cho is not very productive. I would prefer him to be our friend, a shareholder, and a GOB partner. We have many wells and many fields to locate and bring into production (on-line) in Belize (hopefully). We all need to get along.
This Cho snafu will then vaporize once the Stann Creek Field is declared commercial. The sooner the better. Oiljob
Good Luck to All. I'm in for the long haul. Hopefully our crews in Belize are not discouraged by this current state of affairs.
P.S. Glad to hear we finally got the Texas drilling permits. Soon we could hear about multiple commercial well strikes within the same month or week. Go TECO.
Once we get these three fields punched and on auto-drive then the main priority must be do get our geophysical map finished offshore, identify our best anomolies, get an offshore license to drill .... and spud that baby in.
Then you will see our pps rise overnight. Oiljob
I say offshore or bust. Time is our enemy in Belize.
I'm glad the lights are on in Texas, I'm glad we're drilling 21 more wells, I'm glad we are drilling to deeper depths in search of new reserves, I'm glad we are currently producing, and I'm glad we will be pumping more oil in Texas 6 months from now.
Give it a rest, there are two sides to every coin. When a man looks at the horizon, what he sees over the horizon is simply in his mind's eye. To each man his own vision. Oiljob
I can hardly wait to receive the PR telling me that we have delivered a tightly sealed barrel of Stann Creek petroleum crude to Prime Minister Barrows's front door. Oiljob
Any word on progress of well number two, the commencement (or status of drilling) of drilling in Texas, the status of our new exploratory permits for Belize fields two and three.
It's nice to know we have over 80 identifiable geophyscial anamolies and so far we have only drilled one acre out of 2,999,999 acres. This company has so much potential and miles and miles of exploration to go. An opportunity this good I do not expect to come along again in my lifetime. Although I continue to be on the look-out. lol
Oiljob
P.S.: They can deliver a little teeny tiny barrel to me at the same time.
By this time next week we should have the second well completed and then the GOB can walk us through very slowly how they wish us to declare the discovery of oil in Belize; and all the noise concerning well number one will fade quietly into the background.
We can all be on the same team again Oiljob
This stock is beginning to sing.
Anybody out there?
I check in about once a month as can be seen from the message board. Usually over on Treaty Energy board. Oiljob
Poem, if you like this stock you might like Sherritt International. Nobody follows it either. Oiljob (TECO board)
This has been a real eye opener, a true learning experience for every shareholder, investor, and concessionaire in this company and every other company hoping to eventually produce oil in Belize. There is a certain way things have to be done. Clearly the GOB wishes to control major messages of discovery.
In the meantime the GOB too is on this huge learning curve; discovering that their blessed and bountiful cornucopia called Belize, actually produces petroleum from more than one kind of limestone. Someday they will even discover that sandstones and shales contain these products too. Mr. Cho might want to take Geology 101 again, but it's nice to know that eventually everything will be understood, that this little snafu will blow over, Belize WILL acknowledge our discovery, and we will procede with the business of producing oil for the nation of Belize and for the profit of this company and our powerful Belizean partners.
This is a golden opportunity, if you have the money make the most of it, next week will be too late. Oiljob
I am ignoring the background noise.
I assume multiple rigs and drillers are on there way to Belize as I write. We need to train a lot of local talent fast; anyone at BNE looking for a new job??? I presume we have already elected where we are spudding-in to explore the two new fields. I could easily see 5 new rigs, working 24/7, with each rig drilling a new well every week, once we dial this field in. We will easily have the 90 well field drilled-out by mid year. (These wells are very shallow).
That gives us another 6 months to drill-out fields two and three once the discovery phase is complete. Andrew Reid will point the way.
I must also assume the environmentalists are pulling out the stops at this juncture. The GOB should set the record straight very shortly. We can all sleep easily knowing Treaty has represented the facts as clearly as possible. Do not be gullible and now lose your shares at this critical juncture.
Long and Strong. FM will keep the facts straight for all who are willing to listen. Oiljob
P.S.: Nice close today. Follow the money.
Congratulations to everyone in our Long Treaty Family, you know who you are. This is just the begining. They locked in Treaty #2, but will drill Treaty #1 at least twice as dep, looking for second and third levels of productivity, which if they are there, will double and triple the value of this field alone.
It's nice to see more and more people chasing fewer and fewer shares.
As we investigate our other prospects, open up Paradise, and begin to look offshore; as we drill out the fields to full capacity, the revenue will grow as will the value of the stock. Indeed our multiple will grow as we go offshore, and if we hit out there, well .....
Anyway. this is the beginning of a new adventure, building the next great international oil company. Oiljob
P.S. Don't sell your shares. And thank you and congratulations Mr. Reid and all our drilling crew and all our Belizean persoannel; a job well done.
If we are drilling to 4000 feet, then drilling would not be complete until maybe Tuesday or Wednesday. We may encounter more productivity during this journey.
We then need to case, log, perforate, and flow test the well. In the meantime we will simultaneously commence finishing Treaty #1 (as I'm told, from this Board, we hit oil on Treaty #2). Ergo the official announcement could be as much as a week away still.
But the news is leaking-out and people in Belize and the GOB have Ameritrade acccounts too, and they will know if the time is right to buy, the market will tell us in the morning.
Andrew is now an urban oil legend, good work, and good luck to all our shareholdes, we still have 11 more to drill in this program, the sky is the limit. Oiljob
That's good enough for me FM, You have done a marvelous job on this Board and deserve many kudos for keeping many weak hands strong over the months. Now give me 10 more wells just like this one. The sky is the limit.
a. BNE merger
b. Offshore aerial survey
c. Offshore partner
d. Commence Paradise exploration
e. Start refinery application
f. Build first gas station
g. Big stock dividend and 3 for 1 stock split.
h. Home to Texas and inspect new fracking operations and all 12 new wells.
i. Buy better domestic leases with 3 mile long horizonatal fracking potential.
j. Spud in first offshore well in Belize ... find "elephant".
LOL Oiljob
Superb video Bull .. keep up the good work ... and THANKS.
Oiljob
They should take a barrel of our initial production and produce some small vials of oil for all the shareholders. This would be our first dividend. Oiljob
But I think Dlog wants us to build him a pool so he can fill it with the initial production and actually take a dip in it before we let a tanker truck haul it off. lol
If we don't have tanks, we will simply store our oil in the ground until our tanks our built. But I'm sure we have initial production capacity tanks on hand. Oiljob
I'm gonna be the ultimate optimist and assume we achieve commercial success with Treaty #1.
So my question is what will the trading look like late next week as we commence drilling and finishing Treaty #2, knowing we are already producing oil in Belize.
I'll also be curious to see how the Belizian press handles the news.
2012 Goals: Finish Treaty #1 with commercial production, finish Treaty #2 with commercial production, finish 10 more wells in Belize and define the size and scope of our new Belizian fields, Obtain permission to seek and drill our third and fourth fields in Belize, We should punch at least 25 wells in Belize this year, eventually haveing multiple crews and rigs working simultaneously, continue with Texas projects one and two, bringing domestic production to over 2000 barrels of oil per day, conclude merger with BNE, assume BNE operations adding another 3500 bopd, commence at least one wildcat on best formation located in Paradise concession, commence and conclude initial aerial geophysical survey of offshore concession, commence and conclude a joint venture with an offshore drilling partner (Parenco perhaps), locate and spud in our first offshore wildcat, and commence and conclude the licensure process to engineer and build our first refinery in Belize, together with possibly entering into additional agreements to build and distribute electrical power in Belize, and commercial oil products distribution .... TECO gas stations, with distribution from Mexico to Panama. A little aggressive but I think we can get it all done ... :) Oiljob.
P.S: We might need to buy our own ship and commence our own containerized shipping from Mobile to Belize, to help contain costs and ,,,,, just thinking out loud ..
P,S.S.: Turn at least 1200 shareholders into millionaires ... that's the best part.
You want production numbers ... take a deep breath, hold it for four days ... then exhale and read all about it. Oiljob
It would appear they are now resorting to begging us for our shares, on the eve of discovery. Pretty lame. Oiljob
I am presuming we have one crew working 12 hours per day. I don't see any lights out there. Ergo, if we are at about 1000', and we are drilling about 500 feet per day, then in 4 days max we should be finishing this hole. (tdo: total depth of operation is 3000 feet ????) Where is bedrock here?? Are we sitting on a field with marine infiltration? Is our oil sitting on salt water?? mmmm lots of questions. Oiljob
Looks like you are getting your wish Bull (you will be on site when we strike oil), you are either very lucky, or you understand drilling schedules in Belize better than I do. lol. Pop some champagne and get out your video camera.
We need this preserved for our posterity. Go Teco. Oiljob
P.S.: Great Timing and have a safe trip home.
I've got my fingers crossed. This could be the week. Oiljob
P.S.: We could use a few more pictures to analyse too. :)
In one picture it seemed to show both rigs at the same hole, as if one hole had been drilled to depth already or was nearing tdo. Oiljob
The pictures look great. Where is all that Ukrainian bold type bashing now. lol Oiljob
Drill Baby Drill. Oiljob
I think it is reflection of how savvy this company's investors are, as well as the investing community as a whole.
People are looking for a sure thing. Selling a 1000 barrels of crude is not producing a 1000 barrels per month. But its on our radar and we are apparently starting to dial-it-in.
Things are brighter and better today than they were two days ago, and I like that. Oiljob
Does a merger with BNE count as finding oil in Belize? Oiljob
A 3,000,000 acre concession with good GOB relations is a tempting merger target.
And it would resolve the Irish issue and BNE investor lawsuits overnight.
If that is true then it must have been a "seepage well".
I've read there was a backyard refinery business, but I've never read there was a backyard well. Oiljob
If so, where is the concessionarie, and why don't I see a picture of his christmas tree or his pump.
I presume he was buying BNE crude.
If there is a well there it's kind of east of the Mays Mtns. Would you call a well north of our concession, including the Princess property really southern Belize.
The big news is not whether there is oil in Belize, but if there is oil in Belize south of the Maya Mountains. If we strike a commercial field in Southern Belize, well ..... it's huge news. Oiljob
The whole country is then in play.
That's why this whole merger thing with BNE is so intriguing, we would be pumping in north and south Belize, and we would be in the driver's seat with a majority of the offshore opportunities as well, with most of our offshore concession north of the trough and abutting the Mexican border.
I will know when we hit oil ... we will see an immediate price spike and the volume will be about 5 fold daily. This kind of news cannot be kept quiet. The ticker tape will be the first pr you receive. Oiljob
Maybe we will hit oil in Texas before we hit oil in Belize.
One has to admit it would appear the action does appear to be picking-up here a little bit.
Bull ... two weeks ?? ... I'll hold you to that .. lol.
Hopefully, despite news leaks to the contrary, I hope we are drilling deeper than a mere 1500', and hopefully deep enough so we can compare our well logs with the logs taken off Monkey River, which should be slightly south and east of our location. We do know they idientified hydrocarbons being present in those logs, apparetnly not in commercial quantities. And, that well seems to be well off center (off the hot spot) according to our geophysical workup. Our wells should allow us to correlate the stratigraphy between the two locations.
We would appear to have the hot spot, ergo no miracle needed, just a little luck. Oiljob
Go Treaty, Go Princess
Krowa, why all the negativity? It seems to me that most oil exploration companies in Belize, who are working closely with the GOB, would seem to have all their ducks lined up pretty good. That is certainly true with Treaty, and we seem to be playing by all the rules.
So perhaps you could write a complete sentence for us so we all can know where you are coming from.
What is the miracle you think we need? Oiljob
More quiet time. Oiljob
Belize Government Defies Supreme Court Ruling; Grants Oil Company Permit to Maya Lands
Written by Intercontinental Cry
Wednesday, 23 November 2011 11:14
Source: Intercontinental Cry
The government of Belize has quietly granted an American oil company drilling rights to protected Maya lands inside the Sarstoon Temash National Park (STNP) in the Toledo District of southern Belize. The surreptitious move is in defiance of an historic Supreme Court ruling that confirmed Belize's obligation to adhere to the international standard of informed consent, says the Sarstoon Temash Institute for Indigenous Management (SATIIM).
SATIIM, a community-based indigenous environmental organization that co-manages the STNP, found out that Belize had granted a permit to US Capital Energy only after it learned that the company had suddenly returned to the protected lands.
The company isn't wasting any time, says SATIIM. "A truck equipped for seismic drilling has already arrived along with a drill-ready tractor. Trees were cut for two seismic lines in Sunday Wood village, with rumors of plans to cut more in the village of Crique Sarco."
SATIIM points out with great concern that the government failed to inform them--or anyone else--that a drilling permit had been issued, adding:
This is merely the latest 'surprise' in a shameful history of secrecy that began one morning in 1997. Five Indigenous communities in Southern Belize woke up to learn that the government had declared their ancestral land a national park in 1994. Ever since, these communities have struggled to defend their land at every turn.
Notably, in 2006 they won a temporary injunction against seismic testing in this protected area, where an entirely new ecosystem was recently discovered. Another ruling from the Supreme Court confirmed Maya rights to land and resources and Belize’s obligation to conform to international standards of informed consent established when it signed the UN Declaration on the Rights of Indigenous Peoples (UNDRIP) in 2007.
Nonetheless, the government has kept all dealings with US Capital Energy secret. SATIIM asked for information in several letters to the Prime Minister, Deputy Prime Minister and Chief Forest Officer. The government has ignored each one.
SATIIM is now demanding that the government respect: 1) the rule of law; 2) environmental justice; 3) economic equality; and 4) its obligations under UNDRIP and legal rulings by Belize's highest courts.
Most of all, SATIIM is demanding an end to the government secrecy surrounding US Capital Energy's new operations in southern Belize.
SATIIM and the Indigenous communities have also agreed to use "any means necessary" to make the government and the oil company comply with national and international law.
For updates on the situation, keep an eye on www.satiim.blogspot.com
(Emphasis Added: Oiljob)
Penny stocks are driven by two things: a strong story and/or real hard news. The news drives the volume, the pps and ultimately Cool's technicals (which I happen to love); but you can't chart the news we are all hoping for, and you won't be able to for months after we hear what we are all waiting to hear.
We will need hard quarterly numbers (a year's worth of production numbers) for the market to determine our true value. At which time our story is hopefully moving offshore and our pps through the roof. Oiljob
Go TECO.
FYI:
Belize/Denmark: New World Oil and Gas establishes virtual data room for Blue Creek and Danica Jutland projects
03 Jan 2012
New World Oil and Gas has established a Virtual Data Room with its Competent Person, RPS Energy, in response to receiving a number of unsolicited approaches from within the oil and gas industry to participate in the Company's highly prospective projects located in Belize and Denmark.
Key elements of the Data Room:
A secure FTP site has been created by RPS Energy to house all of the technical data for the Company's Belize and Denmark projects:
The Blue Creek Project located in the productive Petén Basin in Northwest Belize. Two prospects, rated by RPS as having:
a 1 in 5 probability of geologic success
a combined 294MMbbl estimate of P50 reserves (a 50% probability of quantities recovered equalling or exceeding the estimate)
a combined Expected Monetary Value (EMV) in the event of a discovery of $1.53bn (using a 10% per annum discount on cashflow)
The Danica Jutland Project covering an area of 4,107 sq km located in the productive Jutland on-shore area in South Western Denmark
Access will be limited to qualified interested parties, following a thorough screening process and the signing of a Confidentiality Agreement. Based on their examination of the technical data, interested parties may wish to engage the Company in discussions with a view to participating in the exploration phase of one or both of the projects.
New World CEO William Kelleher said, 'Following our announcement of 12 December 2011 in which our Competent Person identified two prospects at our Blue Creek Project with a combined P50 estimate of 294MMbbl and an EMV of $1.53bn, we have received several unsolicited approaches from within the oil and gas industry. In response to these, a data room has now been set up to assess these expressions of interest. While it is too early to report definitive plans to farm down on either one or both projects, I can guarantee that any proposal will be rigorously analysed to ensure the best possible outcome for shareholders. In addition to the data room, we continue to evaluate all possible funding strategies with the overriding aim to maximize value and minimise dilution for our shareholders. Our principal goal however remains finding oil and gas and we look forward to providing further updates on our progress in 2012.'
Original article link
Source: New World Oil & Gas
From: Oiljob
Well I guess we can all agree to disagree. I don't mean to vent. I do find all your attitudes interesting (and I thank everyone for their replies).
Bull you have 10X the position I have, so I hope you find your answers too, and have a safe trip.
Tell Mr. Reid I said hello. Let us know what he's doing about that merger I recommended with BNE. lol.
P.S. I consider this discussion closed, I will not raise the issue again. Oiljob
Well guys, thanks for letting me say my piece; I don't mean to vent. I find your attitudes interesting ... we can all agree to disagree..
Bull, you hve 10X the position I have, so I hope you find your answers too, thanks for the invite, and have a safe trip.
See if you can work on that BNE merger I recommended. lol Oiljob
P.S.: Tell Mr. Reid I said hello. I'm still waiting for that field rep job offer .... lol