Tonight, there is guarded optimism after Maranco Energy found oil this weekend in the Gallon Jug area of the Orange Walk District. Don't start celebrating yet, because at this point it is only being called quote, "an encouraging oil show." Testing has started and within two weeks we should know if it is commercial. That testing might also give some estimate of the size of the oil field.
According to a brief official release, the find was made at the South Canal Bank #1 exploration well in Maranco's Concession area in the Orange Walk District. The person behind Maranco is Paul Marriot, a former Director with BNE.
Maranco is one of two companies looking for oil in the Gallon Jug area. The other is New World Energy.
If it is a commercial oil find - it would be a Godsend for the Government since production at the BNE Oil Field in Spanish Lookout is steadily going down. At its peak in 2011, GOVERNMENT'S revenue from oil was over 100 million, and it is now about half of that and diminishing steadily. 1.58 Million Barrels were exported in 2009 and 779 thousand is projected for export by the year 2015. The 11 million barrel Spanish Lookout oil field is expected to be depleted by the year 2020.
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