If they were to develop this field, after they got the process, experience, and logistics figured out (it would take 5-6 wells, no more than 10), they could drill/complete a new well every week in Belize... If they were to prove the GoB wrong & establish economic production rates.
In my opinion, it is not possible for TECO to exit 2012 with sustained production rates of 300 BOPD. If (if) they found oil in Belize, depending upon what the flow rates are, TECO could easily exit 2013 with a sustained production rate of 300 BOPD (assuming 10-15 BOPD per well). If the per well rates are higher (20-30 BOPD), TECO could reach 300 BOPD by the end of the 1st half of 2013... But for now, TECO just needs to provide clear evidence that oil is there.
300 BOPD is a lot of oil, folks... Some companies get their with just one well, some get there with 50-100 wells... It just depends on what type of prospects the company is comfortable pursuing. TECO has chosen the 50-100 well route. If the GoB is correct, and there is no oil in Belize, TECO will need to find some new prospects before 300 BOPD will be an attainable goal. It is my opinion that stable, longterm production over 10 BOPD will never be established out of the Madeley F, I know that will be difficult for many to agree with, but IP-rates can be very confusing, and it is best to go by the well's history.
Offshore oil is a possibility, TECO has a large concession. There will be a number of hurdles here, the most notably would be environmentally related. With Belize's economy being based on tourism, The public is not going to like a foreign-run company coming in & setting a bunch of jack-up rigs on their reefs. If these hurdles can be overcome, then offshore drilling could be a possibility 2-4 years down the road.
i hope this post is not interpreted as being negative, I am just trying to give you a realistic approach as to what to expect.
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on another note, you can read about reserves here:
http://en.wikipedia.org/wiki/Oil_reserves
For the most part, during the primary recovery phase of an oilfield, less than 15% of the 'in place' crude is recovered.
