But there are other companies and areas in the exploration stage. There’s
RSM in the Gallon Jug area and BNE which is exploring the Calla Creek area.
One area in Calla Creek famously has oil seeping out of the ground. Cho discussed
the status of those oil exploration ventures starting with Gallon Jug.
Andre Cho,
“They found a number of prospects and they drilled. Unfortunately
those two wells were dry, they have spent about ten million U.S. dollars on
those two dry wells and what they want to do now is to shoot some more seismic 
to try and firm up the other prospects before they drill them because it is
always hard to get your investors to put up money to drill after you’ve
drilled two dry wells.
Calla Creek is in BNE’s contract area. They drilled a well there,
they didn’t find any oil, they only found oil that is seeping up at the
surface and how BNE came to Belize was because of the water well that Peter
Morrice drilled found some oil in it and the oil they found in the Cayo West
Number One Well which is at Calla Creek is that same oil that has seeped up
from somewhere at shallow depths, about 400 feet.
They did a core well just beside the Cayo West Number One to try and see
what is going on, study the rocks, and right now they are drilling another well
but that oil that is there is seeping up from somewhere. We thought it was in
Belize, that is why they drilled the Cayo West Well Number One to about 3,000
feet but it looks like its coming from somewhere else now.”
And to round it off, a few notes of clarification on the Never Delay
Oil Field. Government has not yet signed off on a commercial declaration for
that field because an Environmental Impact Assessment is still being reviewed
by NEAC.
Never Delay #1 oil well was drilled in early 2008 and BNE appraised
the discovery over 18 months – leading them to declare it commercial in
November of 2009. Though it is spread over a larger surface area than Spanish
lookout, at this point the Never Delay reserves are considered to be about five
million barrels – only a fraction of the 14 million barrels estimated
at Spanish Lookout. The rate of production is also less at 35 barrels a day
compared to 4,200 per day at Spanish Lookout.
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