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Oil Prospects Good!

03 August, 2005 - Belmopan
Today, at a special sitting of the House of Representatives, Prime
Minister Said Musa updated his colleagues and the Belizean public on the
results of preliminary drilling for oil by Belize Natural Energy Limited
and its partners in the Spanish Lookout Area of the Cayo District.

The Prime Minister confirmed that one of the zones tested resulted in
naturally flowing oil at a constant rate and pressure, producing 500
barrels per day.

On June 3rd, 2005, after prolonged studies and repeated tests including
seismic exploration, local exploration company Belize Natural Energy
Limited, with its partners Aspect Energy LLC and CHx LLC, commenced
exploration drilling in the Spanish Lookout area of the Cayo District.

After approximately 30 days of drilling, the well has been secured, and
testing has commenced. Fluid recovery from two prospective zones has
taken place, with the second revealing 95% oil recovery. This oil is of
an API gravity of approximately 38 degrees and is testing at an initial
rate of 500 barrels per day.

Additional testing over the next few months will be required to
determine the commercial viability of this site to ascertain if the oil
recovered is originating from a large or small reservoir. Belize
Natural Energy Limited and its partners also expect to drill an offshore
confirmation test and hope to be able to declare commercial production
after testing is concluded.

Belize Natural Energy Ltd originally acquired a 463,000 acre exploration
license onshore Belize, this acreage has been added to and a total of
478,000 acres is now available for exploration under a Production
Sharing Agreement (PSA) with the Government of Belize signed in Jan
2002. In July 2004 an additional acreage from Block 5A (adjoining to
original) was granted bringing the acreage to 595,000 acres.

'All indications from the start of drilling to today continue to be
positive,' confirmed an official of the company.

Hm.............. three things happen more or less within a few days time - could they be related?

Announcement that oil is discovered in Belize.

British Troops decide to come back to Belize on a more or less "permanent" basis. This time trhe news said the number would be about 4,000. (when they were here before the number was 1,500).

US Four Star General visits Belize - three Black Hawks landed in Caracol plaza yesterday. Where is Speilburg when you need his camera!

Maybe we can ask these soldiers can shut down a few crack houses while they are here?

Oh great. Haliburton will be building before you know it! :rolleyes:

Arrival of British soldiers and American general were in the works long before the oil "Bonanza".

Got anything hot on Crop Circles for us?

"Oh great. Haliburton will be building before you know it!"

Worse than that, Dick Cheney might decide to Vacation in Belize.

well, there goes the neighborhood

Two things for clarification -
Re- timing - This particular oil project has been in the works for a couple of years (in-country).
Re- Cheney - I'm told that Cheney relatives already had a vacation here that turned out horribly.

Scuttlebutt is US Southern Command, previously based in Panama and now in Homestead, Florida, will have a huge office at the new US Embassy complex in Belmopan, slated for completion Nov 2006. Former commanders of US Southern command have been presidential candidate Wesley Clark, and drug czar Barry Cafferty.

Interesting!

For the past nine days, tanker trucks have been transporting thousands of barrels of Belizean oil from wells in Spanish Lookout to the Big Creek port to fill a forty-five thousand barrel barge waiting in the harbour.

Diane- Any idea why Cheney's family vacation turned out horrbily?