Some of you folks complaining about our expenses and timeline just need to look here....NWO
Not a drop of oil yet, no Declaration of Commercial Oil Find and 10's of millions of expenses already.
And this too,they are looking for partners and have already given up a % of the wells.
Lets get real, we are not even working on a shoestring, a thread would be most apprapos.
- 420sq km licence area in the proven and producing Petén Basin, Northwest Belize
- Structurally similar to Spanish Lookout Field nearby, which commenced production in 2005 and currently produces 4,000 barrels of oil per day
- 4 phases of a 231km 2-D seismic acquisition programme completed
- 3 Competent Person's Reports completed by RPS Energy, which have significantly de-risked the project - current POSg at 1 in 5, a 60% improvement
- 3 drillable prospects identified: Prospect A (P50 126MMbo), Prospect B Crest (P50 92MMbo), West Gallon Jug Crest (P50 113MMbo) with a combined P50 resource of 331MMbo and a P50 Net Present Value of >US$8.13 billion
- 4 additional prospects and 1 lead also identified
- Drilling of prospect B Crest to commence in Q3 2012, with a minimum of 2 additional wells to be drilled in next 18 months
- Farm-Out Agreement Amendment significantly reduced drilling capex by 28% to $14.4 million
- Recent farm down agreement has been reached with the drilling contractor, ThermaSource, agreeing to farm down 5% working interest per well for the first two wells, (not for the entire PSA) in exchange for a 25% further reduction in drilling costs
- Total costs reduction for drilling operations have now been reduced by 53% to <$10 million down from just over $20 million
- A virtual data room has been set up in response to unsolicited approaches from potential investors and farm-in partners
