BELIZE CITY–Dr. Colin Young, the Chief Executive Officer (CEO) in the Ministry of Energy, Science and Technology and Public Utilities, informed Amandala today that US Capital Energy was drilling to depths of 6,850 feet at last report, October 30, 2014, but there is no official information indicating whether there is a commercial supply of oil at the well’s location inside the Sarstoon Temash National Park (STNP).
Young said that the company faced a setback about two weeks ago when one of its drill bits broke in the well. He said that the company resumed drilling last week, and the specs of the drilling equipment indicate that they could drill as deep as 10,500 feet.
According to Young, they should know within the next few weeks whether there is commercially viable crude at the location.
“The company is still spending significant amount of resources to drill this well and that is an indication that they are still quite hopeful,” said Young, who noted, “Government is also hopeful that they will find oil in commercial quantities.”