Immediately after the sitting of the House, the Government led a tour of the oil exploration site.

The Spanish Lookout well, dubbed Mike Usher #1, is the 51stwell in Belize and the first at which significant oil has been found, according to Sheila McCaffrey, director of BNE.

Cho told us that the wells in Belmopan, for example, had produced only 2 to 3 barrels per day.

?They won?t know if they have a commercial discovery [at Spanish Lookout] until a couple months from now,? Cho added. ?They have to do long-term production testing.?

Currently, the BNE is filling four 168-barrel tanks for testing.

Belize Natural Energy Limited, with its partners, Aspect Energy LLC and CHx LLC, commenced exploration drilling in Spanish Lookout on June 3, 2005, two months ago.

Government says that Belize Natural Energy Ltd. is licensed to explore 575,000 acres under a Production Sharing Agreement (PSA) with the Government of Belize. McCaffrey told the media that the company?s concession spans the San Ignacio to Rancho Dolores area.

According to Paul Marriott, shareholder of BNE and owner of the drilling company that worked at the site, BNE has spent over US$6 million to date and hopes to drill more wells in the Spanish Lookout area.

He said that since the third week in June, they saw that the prospects were promising. They are now testing 3 to 4 layers at the Mike Usher #1 well. Some samples of rock cuttings had already been sent for testing to Houston, and now samples of the oil would be sent there for analysis, he added.

Prime Minister Said Musa said that the find was good news for Belize. He explained that under the PSA, the Government would collect royalties in the region of 7%, and from GOB?s portion, the landowners in Spanish Lookout would collect royalties of 5%.

?The dedication of one man was responsible for bringing us to Belize, and that is Michael Usher,? McCaffrey remarked, noting that the well was a tribute to Usher, who died last year.

?I hope that the well will be the beacon that turns Belize around economically, socially, and for every citizen in this country. We want this for all of you?? she told those gathered on the site.

?I think most Belizeans have always felt that we have oil in Belize and they have always been disappointed when companies come and go and they drill and then they case it up and we hear nothing about it. This is the first company that has been totally open and transparent,? Musa said.

When we asked him how soon they would know whether they have a commercially viable oil site, Marriott replied that he was not able to say.

Cho told us that testing would take roughly two more months.