I agree Belize is a bit of a crapshoot, but why would Treaty get screwed out of it? BNE was an even smaller operation when they hit oil than Treaty is now, and they have done very well for themselves.
I do believe there's substantial oil in Belize. Even if (or maybe I should say especially if) San Juan #3 come in as commercially viable, my personal opinion is that Treaty would be best off to sell a controlling interest in Treaty Belize, keeping just a royalty of any future wells on the concession. That would allow Treaty to move forward with a more streamlined business plan of acquiring domestic leases with new well potential.
All IMO
