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The first well drilled by AllEnergy Corp. on the Princess Concession in Belize struck oil. The well is expected to be completed and put into production following review by the Belize regulatory officials.
Pay zone depth was determined from actual drilling and mud logging. Porosity and saturation were gauged visually by outside consultants using statistical modeling with low side parameters, predicting a reservoir of 6.0 million barrels. This figure could grow depending on the trending of the reservoir.
Dean Sukowatey, president and chief executive officer, AllEnergy, stated, " AllEnergy purchased a non-dilutive 4% interest in a Belize corporation that owns half of the concession. The amount of potential here is tremendous. We look forward to developing the Belize concession."