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This is not rocket science. Why do TECO (and their Shareholders ) continue to make routine basic oilfield prep work sound like revolutionary progress?
In Belize, I see drilling after a 2013 Development Plan that looked a lot like a bog-standard drilling program was submitted to the Government.
In Texas, I see not much drilling yet and even when I do see drilling I see little of the promised production.
Bull - Not sure what TECO production rate you are implying for TECO in 2Q 2013 to get cashflow positive but I will believe it when I see it starting to come through and I don't yet.
Treaty IR Update on San Juan #3...is as follows:
"report #30 received and just posted. We're waiting on W. Texas operations to get back to us to create a larger email update on all of our projects. We've had issues with our email system kicking back too many emails.
We're at 2112ft. on San Juan #3, we've hit a harder rock formation so our drilling speeds have decreased to approximately 1ft every 2-3 minutes."
I like the new IR guy. He is responsive. IMO.
Please see attached Belize Oil Industry Map.
This shows the locations of the two producing oilfields in Belize (BNE Spanish Lookout and Never Delay) and following exploration wells - and status as listed below:
Maranco South Canal #1: At TD, live oil shows, logged, prospective zones to be tested. [Amandala April 7th 2013]
New World Oil Rio Bravo #1: Drilling at 7700' (1000' from TD), oil shows, to be logged at TD (then potential for any testing determined). [New World Oil and Gas PR April 10th 2013]
Princess / Treaty San Juan #3: Drilling at 900' (2100' from TD), no oil shows, to be logged at TD (then potential for any testing determined). [San Juan #3 wellsite visit March 31st 2013. No update on Treaty website since then]
[All facts not opinions or future predictions]
Shareholders may be aware of past mistakes that doesn't mean they're happy with them or people have been held accountable for them yet.
As a penny start up Treaty have less money than a $10t market cap company to squander. But despite that I have seen a lot of careless spending by Treaty in the past.
Treaty only have so much money to play with and money wasted away in the past means less money to invest in the future and probably leads to more money being borrowed against the future meaning Treaty shareholders will get less if exploration efforts are successful and when field reactivation efforts add extra oil production.
In my view, the quality of a company's management should be judged on actual delivery not promises of a rosier future.
Two questions, two responses.
With all you years of experience how many times have you heard of a non employee shareholder just walk out on the leases and start turning on wells and poking around the oil collection system?
Never.
Non-employees and shareholders are not qualified nor trained to be present on our leases, so access was only allowed with prior permission and then only under the direct supervision of an employee and in North Sea parlance they are allowed to TFA (Touch F**k All).
Is it prudent to turn on old wells without first having a proper plan in place to oversee those wells?
No. Well condition should be scientifically assessed first. Then a plan made. Then the plan executed.
All valid questions which deserve answers from Treaty.
I am only a retired oil man with 30 years experience in an international oil major.
In the oil major I worked for (mkt cap approx $10t), we had a lot more money than Treaty (mkt cap approx $10m), but in the oil major I worked for heads would have rolled if we:
- Changed company strategy from a focus on old field reactivation (low cost, low risk, low reward) to international wildcat exploration (high cost, high risk, high reward) without shareholder approval (like Treaty did)
- Increased Authorised Share Capital many times and many fold without prior shareholder approval and used the shares to pay for services (like Treaty did)
- Wasted shareholders money buying a lot of things that weren't used to make oil or money (Treaty purhased 3-4 drilling rigs before finding the right one I understand)
- Didn't do a seismic survey and adequate geological studies (IMO)to increase the chance of finding oil during subsequent exploration drilling (like Treaty did)
- Started drilling a well with equipment and procedures not in line with international oil industry standards (San Juan #2). Then left the same well for many months after drilling before logging and casing and no surprise it collapsed (like Treaty did - IMO Treaty wasted all the investment in this well due to incompetence)
- Shipped all equipment and drill crew from US when equipment was available locally (like Treaty did and IMO Treaty wasted a lot of Shareholder money flying the drill crew to and from the USA at shareholder expense while teething problems were sorted out)
- Purchased things that other oil companies normally rent (like the Treaty logging unit parked in Belize)
- Employed people who didn't know what they were doing (like Treaty did - in my view Brian Luczywo and Steve York were perfect examples of this)
- Made premature announcements that were then contradicted by the Government of the country we were working in (like Treaty did)
- Hived off people and assets into a subsidiary and then disposing of it (like Treaty did [maybe] with Treaty Energy Drilling) without prior approval of shareholders and reporting the impact of this whole transaction properly in accounting terms prior to doing it and then in quarterly and annual reports after it was done
- Were late in filing Quarterly and Annual reports (just once late is too often IMO but Treaty are always late and gettig later and later)
While Treaty's original entry deal in Belize was innovative and now in Belize Princess/Treaty are at last doing a professional job, someone must be help accountable for all the above management mistakes. IMO.
Shareholder value is increased by good management and operations.
At San Juan #1 #2 wellsite, I saw the following items stored / parked:
1 Logging Truck
1 40 foot container (green)
1 Light Rig
2 Drake Pumpjacks
2 Road Tankers (for water / mud not oil)
1 Semi- truck
Several lengths of drill pipe
[I did not enter the San Juan #1 #2 site, but just inspected it quickly from outside as the main purposes of my visit were visiting San Juan #3 and taking the wife diving/snorkelling in Placencia]
Yes they are at San Juan #1/#2 wellsite.
I visited Princess/Treaty San Juan #3 wellsite on Easter Sunday (March 31st 2013).
I saw a huge difference in the standards of operations there compared to San Juan #2. Princess / Treaty San Juan # 3 operation looks like it is to international petroleum industry standards.
Photo below shows San Juan #3 wellsite View from South East Access (through San Juan Village)
During my visit I saw:
- The mud System with pumps, mud tanks and shale shaker in the with well cuttings going down a chute into a waste pit.
- The rig is a much bigger rig than Treaty use on San Juan #2 with a top drive. The hydraulic system for top drive is mounted on the bed of the truck next to the derrick.
- The rig has been driven on top of a substructure to give space for the BOPs and to give a good drilling position.
- While I was there, the rig was drilling ahead at 900 ft (ROP 1min/ft) with the next joints of drill pipe on the pipe rack ready to hoisted when needed. The Belizean Driller (who previously worked on BNE wells) was in charge of the rig and doing pipe measurements and tallies as one would expect.
- There was also a US drilling consultant at the site.
I was hosted on my visit by Max Mohamed the Treaty rep., geologist and mud logger. He admits that little is known about the geology of this part of Belize - so this is true wildcat exploration. He indicated that next target depth is 2500-2800 ft.
There is only one drill crew on site so the well is shut-in overnight with night watchman watching the well (he has the numbers to call if he says any change in well condition).
The San Juan 1 and 2 are currently shut in. Max advised that Treaty/Princess wanted to see what this no 3 well looks like before making a final decision on those two wells - whether to Plug&Abandon or do further testing/deepening etc.
San Juan #1 and #2 Wellsite is also being used for storage of equipment and drill pipe.
I was made very welcome at the site.
My feedback and more photos (which I cannot post here due to time limitations and IHub "one at a time" photo loading) have been passed to Treaty PR.
I also attach a Google Earth map of Princess/Treaty well locations.
Belize Concession Map Showing Princess / Treaty and Maranco acreage is shown below.
Hope this helps clarify.
Distance from Princess/Treaty San Juan #3 well to Maranco South Canal Bank #1 well is approximately 90 miles.
These wells lie in different geological provinces on different sides of the Maya Mountains (basement extrusion).
In my opinion GoB and Maranaco are being cautious with their press release as previous wells in the Canal Bank area had live oil shows but produced only water with strong traces of oil and minor gas. Those previous wells were not put onto production and I suspect they were plugged and abandoned.
OIL FOUND IN ORANGE WALK, BELIZE:
The government of Belize today announced that oil has been found in the Orange Walk district. A statement issued this afternoon announced that Maranco Energy Limited found "an encouraging oil show" at the exploration well in the concession area of the country known as South Canal Bank #1. The government statement says "further and necessary testing is ongoing to determine the commercial potential of the oil show." The official announcement ends by saying that personnel from the Geology and Petroleum Department are closely monitoring the situation in Orange Walk.
Visiting San Juan #3 Wellsite in Belize Easter Sunday.
On the way to Whaleshark diving in Placencia.
Will report back thru iHub.
Treaty has run no seismic in Belize but there is some seismic data in existence for lines that were shot in southern Belize by Esso pre-1982 and several of these cross the Princess Petroleum Acreage where San Juan #3 is now being drilled.
It would appear from the map/diagram on page 8 of Treaty's published Development Plan for 2013 and data on hitoric seismic in Belize that San Juan #3 and #4 are located on Esso seismic line B76A-013.
Hopefully this seismic information was integrated with the other surveys that they have done to help focus on the best prospects to drill - to give the best chance of finding oil.
See p.29 of 10-K issued 13_6_2012.
That is where I got my information from.
BNE Production is around 3000 bpd from Spanish Lookout (2750) and Never Delay (250) fields.
There is no other oil production in Belize - yet.
There is no natural gas system or sales in Belize. Nor has any gas field ever been found.
BNE produce LPG (propane and butane mix) from Spanish Lookout associated gas at their Iguana Creek processing facility.
Treaty Energy Corp (TECO) holdings in Belize are through Treaty Belize Energy Ltd.
The Option Agreement with Princess Petroleum (April 20th 2010) requires TECO to fund the first 5 wells 100% in exchange for this they get a 50% interest in areas of the Princess concession that they have explored. [This agreement used to be available from Projects page on TECO website - but I can't seem to access it any more]
TECO formed Treaty Belize Energy (TBE) on May 29th 2011. TECO Holding 80%. TBE was incorporated in Belize on May 29th 2011. [See link. http://www.treatyenergy.com/files/Articles.pdf]
TECO sold 4% in TBE to All Energy Corp (AFSE) on September 12th 2013. An additional 6% option for AFSE had to be called in 180 days - as far as I am aware it wasn't.
TECO end September 2012 10-Q indicates that TECO holding in TBE was 76% - in line with the above two items.
THIS HOLDING WOULD GIVE TECO 38% OF REVENUES FROM ANY OIL PRODUCTION IN BELIZE.
In addition to the above, TECO sold a 50% interest in the revenues of the first two wells to an investor for cash on September 2nd 2011.
THIS WOULD HAVE GIVEN TECO 19% OF REVENUES FROM ANY OIL PRODUCTION FROM THE FIRST TWO WELLS IN BELIZE.
I am unaware of further dilutions or sales of rights concerning the San Juan #3 and #4 or other TECO activities in Belize, pending TECO issue of 10-Q for last quarter 2012 and 10-K for 2012.
1 in 20 is my estimate of the chance of Treaty hitting commercial oil in San Juan #3. The logic behind my estimate was set out in my Post #51469. This in my opinion based on analysis.
For your information at least 11 wells were drilled in the Spanish Lookout area before BNE struck commercial oil. BNE were exploring from 2002 and the Spanish Lookout field was dicovered in 2005. Before drilling BNE ran extensive seismic surveys in the area to help them know where to drill. After the discovery they then drilled 2 more wells before declaring the field commercial and putting it on production. These facts are based on my examination of the well and seismic maps from the Geology and Petroleum Division of the Government of Belize.
The history of oil exploration in Belize is.....
The first exploration well in Belize was drilled in 1956 by Gulf Oil in the Yalbac area in Cayo District. Between 1956 and 1982, 41 exploration wells were drilled by major oil companies like Gulf, Philips, Anschutz, Chevron, shell, Esso and Placid. From 1982 to 1997, only nine further exploration wells were drilled by independent companies like Spartan, Central Resources, Lucky Goldstar, Dover and Bright Hawk. The exploration wells drilled in Belize before 1997 found some oil shows but there were no commercial discoveries from these 50 wells. All these companies left Belize and have no returned. Between 1997 and 2000 there was a pause in activity. Then in 2000 a new Petroleum Act was made law which opened the way for BNE (concession signed 1 Feb 2003) and other companies (including Princess Petroleum Ltd concession signed 12 Oct 2007) to start exploring again. All facts based on my research.
Treaty does not have an oil concession in Belize, it is operating under an Option Agreement on the onshore part of the Princess Petroleum Concession in onshore Belize. Fact based on my research.
Please dont get too excited. In Belize they are just setting surface casing. The potential payzones which have IMO a 1 in 20 chance of holding commercial oil have yet to be drilled. This is no grabd exploration plan that Treaty are following, it is just a normal drilling (and casing) program for a well.
In my view you're right - PPS may explode. But after the explosion there may be nothing left.
Most wells in Belize, except Treaty's, are mudlogged by Horizon Well Logging Inc.
In addition to mudlogging this company can bring interesting geological insights from what they have seen on wells elsewhere in Belize.
I am not sure why Treaty did not contact them for this service. Although on San Juan #2 and #1 they would peobably have laughed too much at the amateurish and financially wasteful nature of Treaty's operations. IMO
That is actually the Option Agreement signed 20th April 2010 between Princess Petroleum Ltd and Treaty Energy Corporation (executed in Panama). There are at least two ammendments of that agreement to amend the deadline dates.
The Princess Petroleum Concession agreement is a different document (signed 12th October 2007) which is not available online (as far as I know). I have a 2MB pdf copy - if someone can tell me how to distribute it to interested Shareholders. Or maybe IR have a copy they could give you.
As far as I am aware the US Govt cannot be sued but Treaty can.
Important difference for Treaty shareholders I think.
I am not aware of any direct agreement between Treaty and the Government of Belize (GoB).
The GoB has a concession agreement with Princess Petroleum Ltd (who are still the only concession holder) and Princess Petroleum Ltd have an Option Agreement with Treaty Energy Corporation.
My understanding is:
- There will be no oil production revenue from any well accruing to the concession holder until the find is declared commercial (from memory I think this is in the Belize Petroleum Act 2000 and the Princess Concession Agreement)
- To declare a find commercial in Belize, there must be appraisal (seismic and wells) and a development plan for the field (the small Never Delay Field near Belmopan was shut in for several years,from discovery in 2007 to production in 2011, although the discovery well was ready for production until the Development Plan and Environmntal Impact Asessment from BNE were approved by GoB)
The above requires a higher volume of oil to be proved by an exploration well in Belize than the volume required for immediate production in the middle of an existing field in Texas.
The volume of oil I indicated is an order of magnitude estimate only. The actual volume required will be determined by Princess and Treaty once some oil is found and decisions have to be taken.
I agree. New World Oil claimed they were targetting a large amount of oil (93 mmbbls according to some sources) to get investor interest up in their exploration program in Belize.
That was before drilling.
They then drilled the well and found no commercial oil and announced their dry hole - just as Treaty have now done for San Juan #1 and #2 (but Treaty had published misleading information in February 2012 announcing a 6mmbbls oil find in San Juan #2, which someone should report them to the SEC for - IMHO).
Requirements to announce an oil strike in Belize
In my view, Treaty must find at least 0.5 million barrels with a single well and either announce an appraisal program to prove up the reserves or if they want to move to production, they must meet all SEC requirements for booking proven undeveloped reserves.
And of course they must get Government of Belize approval before making any announcement.
No oil found yet in Belize by SEC Guidelines.
San Juan #1 and #2 were dry holes, and I hope those wells have been abandonned in line with oil field practice. Oil shows were seen in those wells, as they were in over 40 exploration wells, all classed as dry holes, drilled in Belize before year 2000.
The chance of finding oil in San Juan #3 is 1 in 20 (IMO - see my previous post on this subject). Immediately San Juan #3 reaches TD it should be logged and tested, without installing major production equipment or pump. If no oil is found in this well, my recommendation is that the Princess/Treaty exploration in Belize should be put on hold and San Juan #4 should not be drilled.
I am a Certfied Petroleum Engineer, now retired, and was a reserves certifier for my employer, a major international oil company.
If any of you want to feed these recommendations to Treaty, I would appreciate it.
I have offered them my free unpaid advice in the past and they didn't take me up on it.
No Belize Production for Treaty Yet - I suspect.
Reference February 21st 2013 S-8 SEC filing entitled "Securities to be offered to employees in employee benefit plans".
Please note that Treaty Management has previously advised in SEC filings that they have no employees and prefer to get things done on a contractual basis.
So I would guess that the only employees to benefit from the SEC declared share plan will be the management team who I believe were the ones hosting the CC.
In my opinion, Treaty Management Team have not done anything yet to deserve increased remuneration of $420,000. In my view this company is not yet delivering value to its shareholders, so I am confused as to why it is introducing a scheme to increase remuneration to its employees / management at this stage.
What are the other views out there on this?
I have never worked in the USA and I am not at all aware of Texas geology, field histories or the quality of Treaty's operations there - so I cannot comment on the outcome there.
The chance of Treaty hitting commercially viable oil in their next well in Belize is about 1 in 20 (5% chance of success) - in my opinion.
My assessment of this number is driven by:
(1) Commercial oil has never been found before in this areas of Belize
[12 wells have been drilled to date offshore and onshore in this province,resulting in 3 dry holes, 9 with oil shows but no commercial oil]
(2) This area is in a different Sedimentary Basin (Belize Basin) to the one which contains the Spanish lookout and Never Delay oilfields which are on production for BNE (Corozal Basin) and it contains different rock types (Predominatly Carbonates in the Corozal Basin vs. Turbidite deposits and Carbonates in the Belize Basin)
(3) Nearby wells San Juan #1 and #2 did not find moveable oil
(4) Treaty did not run seismic [to reduce the risk and increase the chance of success]
With oil shows the majority of wells in the area, clearly the oil source in Belize is not the main risk with Treaty's exploration program. In my opinion, the main risks are:
(A) trap and migration path [normally investigated with seismic before drilling] and
(B) reservoir rock quality [normally investigated by studying offset wells and by drilling].
I have tried to stick to the facts above as much as possible. The overall assessment is my opinion as a Certified Petroleum Engineer.
They have not proved a 6 million barrel reserve. Treaty's first two wells proved 0 reserves. San Juan #3 would have to find commercial producible oil for it to prove up some reserves.
That blows a hole through RSS's original statements released by Treaty (PR November 2 2010) which stated that "two areas in the Princess concession [in Belize] have characteristics similar to the Spanish Lookout field".
Yes we get most of the US TV channels here from our cable company.
This is what a 9000 ft rig in Belize looked like when it was drilling near Orange Walk. Interesting to compare this to Treaty's tiny rigs that they have used on wildcat exploration wells in Belize.
And Maranco here do a good job of site prep too - 2 weeks before this photo this was the corner of a sugar cane field.
Bull thats a nice rig.
Too bad Treaty didn't use a real rig like that in Belize. Instead they sent a mineral exploration rig similar to that seen on Gold Rush!
Summary of Treaty Energy Corporation Activity in Belize
See below that I have compiled. These are just facts.
Hope it is useful for you. Let me know if I have anything wrong.
Date Activity
20/04/2010 Option Ageement Signed with Princess Petroleum in Panama
27/06/2010 RSS Contracted for Geology and Surveys
15/11/2010 RSS and Treaty identify 5 possible locations to drill
17/03/2011 Treaty Tender for Drilling Contractors
09/05/2011 Treaty Energy Belize Formed and Legal Filings Completed
11/05/2011 Treaty Energy Drilling LLC Formed in Texas
18/05/2011 Treaty Energy Belize CEO and Board Members Appointed
07/06/2011 Treaty Purchases Drilling Rig for Belize (Schramm 450 Drilling Rig on a Chevrolet Flat Bed Diesel AWD platform, with a Sullair Drilling Compressor)
23/06/2011 Another rig and more euipment purchased for Belize
06/07/2011 Equipment mobilised to Mobile Alabama for shipment to Belize
12/07/2011 More equipment added to planned shipment
18/07/2011 GoB request EIA
28/07/2011 Drilling rig and other equipment arrive in Belize
29/07/2011 GoB request ECP prepared and Treaty will survey first drill site
18/08/2011 Treaty Energy Corporation and James P. LaRose Companies Announce the Establishment of the BELIZEAN NATIONAL LEADERSHIP FUND
30/08/2011 Lease agreement signed, GoB DoE approval for forst two wells and site access work begins
13/09/2011 Treaty announce plan for drill crew to arrive in Belize on 25-26th September and another shipment on way to arrive 16-19th September
14/09/2011 Press Conference at Matalon Centre to launch BELIZEAN NATIONAL LEADERSHIP FUND
15/09/2011 Treaty purchased Paradise concession from Kimano Barrow and Alfredo Acosta for cash and Treaty shares
04/10/2011 Treaty changes specification of drilling and support equipment due to rain in Belize. Anticiapte drilling crew to return week of 10th October
18/10/2011 Drilling crew is onsite and in the final stages of preparation
25/10/2011 Treaty Announce that drilling is underway in Belize and surface casing has been run and cemented
31/10/2011 Oil Seeps reported at Belize wellsite
10/11/2011 Drilling waiting on shipment of additional material (Failing Drilling Rig mounted on Chevy chassis, Wichtex Drilling Rig mounted on Ford chassis, 32ft Pipe Trailer, John Deere Generator, Blowout Preventer, over 2,000 feet of pipe)
14/11/2011 Additional equipment in Belize clearing customs
30/11/2011 Treaty Quarterly meeting with GoB. During the meeting, operations were suspended and the drilling team returned to USA for a break
24/01/2012 The initial casing (8 5/8 inch) was set and cemented. Once the cement was properly cured and inspected by government officials permission was then given to drill to depth on the well.
25/01/2012 1) Drilling continues this morning running at a rate 40-60 Feet per hour. 2) Mud Log indicates Natural Gas Show between 400ft & 500Ft.
30/01/2012 Treaty' announce they Struck Oil on their First Well on the Princess Concession in Belize on Friday, January 27th, at about 4:30 PM-CT - This 1st Well, SAN JUAN #2, will be Completed and Put into Production Following Review by Belizean Regulatory Officials
31/01/2012 Treaty announces plans to Extend its Drilling Program to Two New Oil Fields, Both of which are Substantially Larger than the Stann Creek Field, the Site of its First Successful Well in Belize
02/02/2012 Belize’s Director of Geology and Petroleum, Andre Cho, indicated to Amandala that the statements by Treaty Energy Corporation, proclaiming an oil find associated with a 6-million-barrel reserve in Stann Creek are “misleading” and "there was no evidence of live oil"
02/02/2012 Treaty announced it has Further Reviewed its Finding and Confirms its Discovery of Oil on the Stann Creek Field in Southern Belize
09/03/2012 Treaty Energy Corporation Sign MOU with Princess Petroleum Ltd regarding a 50/50 Joint Venture on the Paradise Concession owned by Treaty Energy Corporation.
22/02/2012 Letter from the Princess Petroleum, Ltd Executive Director, Hamdi Karagozoglu, to Belize Geology and Petroleum Department updating the status of the SAN JUAN #2 and SAN JUAN #1 wells
01/03/2012 4% interest in Treaty Energy Belize and options for a further 6% and 15% of Paradise concession sold to All Energy Corporation
13/03/2012 Treaty Energy acquired a 'Wireline Logging Truck'. Max Mohamed of RedRock Exploration, Inc. has been retained by Treaty Energy to take responsibility for oversight of all Belizean operations
10/05/2012 Treaty report that Schramm Drilling Rig Rework in Belize? has been completed and test holes have been drilled
05/07/2012 Treaty announce plans to Contract Major Oil Field Services Providers (Schlumberger and Tucker Wireline Services) to Expedite its Belize Program
05/07/2011 Work Starts on second drill site in Belize
06/07/2012 The San Juan #2 well was cased and cemented.
09/07/2012 Meeting with GoB who are in agreement that the log shows three zones of interest, one each at 500 ft, 850 ft and 1200 ft. Based on these findings the GOB has given permission to perforate, acidize, and test the well for production.
12/08/2012 San Juan #1 (second well) spudded and surface casing set
05/09/2012 The San Juan #1 well was drilled to a total depth of 2,260 ft
06/09/2012 Open Hole Electric logs were run on the well the next day. Upon analysis of the well log data it was determined that there are multiple 'zones of interest' in San Juan #1 at similar intervals to the San Juan #2 well.
09/09/2012 San Juan #1 was cased (and cementing is expected to commence on Tuesday, September 11th). Preparations are currently under way to perforate, acidize, and test both San Juan #1 and San Juan #2 wells for production.
[Note dates are in Belize format dd/mm/yyyy]
Thanks for the update Bull
Received PDF file indirectly from Geology and Petroleum Dept of Govt of Belize.
Do not have link to pass you.
[td can't reply privately sorry]
Big news from Belize today.
An updated concession map issued by Government of Belize dated November 2012 shows that Princess Petroleum have relinquished almost 500,000 acres of the offshore part of their oil concession including the Northern part of Turneffe and the whole of Lighthouse Reef.
They continue to hold 200,000 acres onshore and 1.3 million acres offshore with average water depth of 4500 feet (depths ranging from 0 to 12000 feet).
The November 2012 concession map (and the previous June 2012 for comparison) are shown in the pictures below. Pricess Petroleum's concession areas are shown in purple in these maps.
What rights Treaty have to any of this acreage is subject to the terms of the Option Agreement between Princess Petroleum Limited and Treaty Energy Corporation dated April 20th 2010 and executed in Panama.
If there was a like button on IH I would like your post.
People should focus on facts (not fantasies) and track record of actual progress against plans.
Whale shark diving season is fast approaching in Placencia Belize (in March, April and May) and I will again be able to eyeball activity at the wellsites as I did I last year.