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In the San Juan #2 well in the Princess Concession near Independence Village, Stann Creek District, Belize, hydrocarbons were detected at 1,235 ft. The presence of C1-C4 gas readings indicated a 55-ft, geo-pressurized, oil-bearing zone that was gas driven, according to Treaty Energy Corp.
The final drilling phase started on Jan. 24, 2012, after review and compliance with all government regulations, requirements and inspections by Belizean officials and permission
On-site analysis of the cuttings by Advanced Geological Services revealed that oil was present in the cuttings samples. Continued drilling showed a constant increase in hydrocarbon presence in the formation through 1,290 ft, after which there was a steady decline.
Andrew V. Reid, chairman and co-chief executive officer, Treaty Energy, stated, "We were advised by the drilling team to produce this first well at the first pay zone based on their professional expertise. It is our plan to drill San Juan #1 deeper than San Juan #2 in the belief that there may be additional pay zones present."
Total depth of the San Juan #2 well will be 1,300 ft. Wireline logs will be run and production casing set and perforated.
"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 three possible oil-bearing fields of various sizes. Our internal analysis indicates that the Stann Creek field covers an area of around 350 acres, and with four-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 5.0 to 6.0 million barrels of recoverable oil in place in this first finding," he stated.