Bigdaddy 21c,
This is the last update from Treaty:
San Juan #3 (Treaty Belize Energy, Ltd):
The Company, through Treaty Belize Energy, Ltd. (TBE), announced last week that after discussions with the Government of Belize, Management, Geologists and Engineers, the decision was made to drill to the official pre-designated total depth of 4,000’ with the intent to possibly discover more fracture points independent of SJ3 FP1.
On Thursday, August 8, 2013, TBE restarted drilling operations, drilled approximately 25ft. and was unable to continue due to the unanticipated size of SJ3 FP2. As a result, the call has been made to abandon further drilling exploration, cement the bottom of the hole, and to perform an open hole perforation and acidization of SJ3 FP1 in order to determine possible commercial hydrocarbon production viability.
The Company has officially submitted documentation to the Government of Belize and Princess Petroleum that TBE intends to complete the San Juan #3 project by August 31, 2013, barring no major setbacks. At that time, the Company will make an official announcement on the well’s status and will announce the results of San Juan #3 with the support of the Government of Belize behind it.
Now maybe Ash can answer this on a technical level. Why, if you already have something, drill deeper at a higher cost? And two: Why wasn't the second fracture point fully evaluated before determining to drill deeper? Three: They only got and extra 25 ft before determining they could not drill any further due to the size of FP2. Couldn't they complete the well at that level if they had something worth wild and than determine to re-enter while they wait for pump jacks and other equipment to put the well into production? Remember those pictures of the two pump jacks that were sent down how long ago? Why hasn't production equipment been ordered for the anticipation of the production of SJ3? These are just some questions that one can ascertain by news releases that were put out. Everyone wants Belize in the worst way, I have been waiting for Belize for over two years. Reality is that Belize is going to bankrupt this company and all of the shareholders investments with it. They cannot afford to run two exploration programs at the current cost. I remember the first oil strike a half a Billion shares ago and yet we still have not completed a third well. What could all of that money done here domestically? While we are at it, what happened to the wells in Louisiana? Were they sold or was that just another PR that fell by the wayside.
This is the last update from Treaty:
San Juan #3 (Treaty Belize Energy, Ltd):
The Company, through Treaty Belize Energy, Ltd. (TBE), announced last week that after discussions with the Government of Belize, Management, Geologists and Engineers, the decision was made to drill to the official pre-designated total depth of 4,000’ with the intent to possibly discover more fracture points independent of SJ3 FP1.
On Thursday, August 8, 2013, TBE restarted drilling operations, drilled approximately 25ft. and was unable to continue due to the unanticipated size of SJ3 FP2. As a result, the call has been made to abandon further drilling exploration, cement the bottom of the hole, and to perform an open hole perforation and acidization of SJ3 FP1 in order to determine possible commercial hydrocarbon production viability.
The Company has officially submitted documentation to the Government of Belize and Princess Petroleum that TBE intends to complete the San Juan #3 project by August 31, 2013, barring no major setbacks. At that time, the Company will make an official announcement on the well’s status and will announce the results of San Juan #3 with the support of the Government of Belize behind it.
Now maybe Ash can answer this on a technical level. Why, if you already have something, drill deeper at a higher cost? And two: Why wasn't the second fracture point fully evaluated before determining to drill deeper? Three: They only got and extra 25 ft before determining they could not drill any further due to the size of FP2. Couldn't they complete the well at that level if they had something worth wild and than determine to re-enter while they wait for pump jacks and other equipment to put the well into production? Remember those pictures of the two pump jacks that were sent down how long ago? Why hasn't production equipment been ordered for the anticipation of the production of SJ3? These are just some questions that one can ascertain by news releases that were put out. Everyone wants Belize in the worst way, I have been waiting for Belize for over two years. Reality is that Belize is going to bankrupt this company and all of the shareholders investments with it. They cannot afford to run two exploration programs at the current cost. I remember the first oil strike a half a Billion shares ago and yet we still have not completed a third well. What could all of that money done here domestically? While we are at it, what happened to the wells in Louisiana? Were they sold or was that just another PR that fell by the wayside.
