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Large two-part block granted in southern Belize

11/26/2007
Providence Energy Belize Ltd., Houston, has acquired exploration and production rights to 531 sq miles in and off southern Belize.The award consists of a mostly offshore block in the Gulf of Honduras from Punta Gorda to New Haven and another block over and southeast of Glover Reef off Dangriga. The agreement provides for 8 years for exploration and 25 years per discovered oil field.Nearly all of the 57 wells drilled in Belize had oil shows or are producing oil, “indicating the source rock is exceptional,” said Scott Bayless, chief executive officer of Providence Energy Group.Kyou Kim, Providence’s senior geologist, noted that part of Mexico’s western coast is a sub...
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