Just to correct you.
Treaty have not filed any statement of oil reserves discovered with the SEC. They could not do that as they have not fullfilled any of the SEC requirements to book PROVEN reserves. IMO.
So in my opinion they have not discovered any oil reserves yet in Belize.
I am a Chartered Petroleum Engineer with 30 years of international oil industry experience,for the last 7 of which I was an internally certified reserves assessor with the major multinational oil company that I worked for. During this time I worked on several reserves auditing exercises with a leading US reserves certification consultant and a learned a lot about what kind of proof was acceptable for PROVEN reserves.
IMO There is no proof of any Treaty reserves, yet, in Belize.
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For clarity Treaty did attach a press release to one of their 8K filings, immediately after hitting TD in the first Belize well which stated the following. Which in my view is niit a declaration of Proven Reserves:
Mr. Reid, commented, “Treaty’s initial analysis of the 200,000 acre ‘onshore’ Princess Concession includes 80 anomalies showing promise. Through early analysis we believe we have so far identified 3 possible oil bearing fields of various sizes. Treaty chose the current, Stann Creek Field, for our initial exploration wells because of its easy access by our drilling team, proximity to nearby port facilities, and it being well outside of any protected areas. Our internal analysis indicates that the Stann Creek Field covers an area of around 350 acres, and with 4-acre spacing we would expect to drill up to 90 wells in this oil field. Based on our initial findings, we estimate there are about 5,000,000-6,000,000 Barrels of recoverable oil in place in this first finding.”
