By OGJ editors
HOUSTON, Feb. 24 -- Belize is poised to become an oil producing country after 50 years of unfruitful exploration.
Belize Natural Energy Ltd. (BNE) and CHX LLC, private Denver independents, have completed two wells each capable of producing 500 b/d of 38° gravity sweet crude, press reports said. The companies plan more drilling and want to acquire 3D seismic data.
The Usher-1 and 2 wells are near Spanish Lookout about 55 miles west-southwest of Belize City. The town is northwest of the capital, Belmopan, and close to the border with Guatemala.
The companies have shipped one bargeload of oil to a Gulf Coast refinery, sold some oil locally, and made first royalty and tax payments in late 2005, the reports said.
The well sites are 125 miles east of Xan field, Guatemala's largest oil field, in the Peten basin. Xan produces 17° gravity oil from Cretaceous Coban at 7,600 ft.
Susan Morrice, a geologist and founder of BNE, said cooperation between the company, the Belize government, and people of Belize led to the discovery.
