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.
