As part of the JV, Treaty will have the right to explore for oil and gas on a total of two million acres. The concession consists of 1.8 million acres of off shore exploration, and 200,000 acres of onshore exploration.
Treaty has completed, as part of its due diligence, a satellite survey of the entire concession. Satellite imaging coupled with specific scientific technology and engineering analysis can identify areas containing hydrocarbon deposits.
Based on initial findings, Treaty is targeting a 10,000 acre area in the south central part of Belize to place its first well. This site is located off the southern highway, which provides quick access to ports in Punta Gorda and Belize city.
Treaty will begin to analyze the offshore concession towards the end of this year, using satellite and other methods to help in the selection of optimal locations for well sites. Most of the offshore areas of the concession are shallow water and many locations have small land formations.
Andrew Reid, president and chief operating officer of Treaty Energy, said: “It is difficult to put into words how please we are that Treaty Energy has entered into this JV with Princess Petroleum. We believe that this business opportunity has put our company on the launch pad to major growth as a significant player in the oil and gas industry.
“In putting this JV together, we had the distinct pleasure of working with the key people at Princess Petroleum, including Mr M Hamdi Karagozoglu, Managing Director of Princess. With his leadership and cooperation in this business relationship, we look to a very successful oil and gas program that will benefit Princess, Treaty and the country of Belize.”
