Testing is currently being conducted on an oil well dug in Gallon Jug to determine if it has potential to produce oil commercially.
The Ministry of Energy, Science & Technology and the PUC issued a release which states that on March 30th, Maranco Energy Belize Limited “discovered an encouraging oil show at the South Canal Bank #1 exploration well in their concession area in the Orange Walk District.” The Well is located in the Gallon Jug area in property belonging to a company called Laguna Seca.
According to the release, there needs to be testing done to determine whether or not the well has commercial potential. Personnel from the Geology and Petroleum Department have been on the site to monitor the situation.
According to the Chief Executive Officer in the Ministry of Energy, Dr. Colin Young, the company has up to 18 months to do their appraisal on the well to determine its commercial viability.
Maranco received its Production Sharing Agreement on May 3rd, 2011 on a 378,000-acre swath of private land in the Gallon Jug area of the Orange Walk District. Drilling at the South Canal Bank started on March 8th.
