Oil companies halt exploration

Works were at Rio Bravo after an oil company deemed the area non-commercial. The New World Oil and Gas Company pulled out of their exploration after it was reported that unsatisfactory commercial quantities of moveable hydrocarbons were found at the Rio Barvo Well, which is north of Belize. William Kelleher, Chief Executive Officer of New World Oil and Gas, explained – “Analysis of the data gathered from the Rio Bravo well points to an active working hydrocarbon system throughout this area. Combined with the presence of a reservoir ideal for oil production, and a large, extensive anhydrite seal, we remain confident that the elements required for a working hydrocarbon system are in place in North West Belize.” This finding came after they drilled a measured depth of over 9,000 ft on 21st of April. Following consultation with its partners, Blue Creek Exploration and the Government of Belize, the company decided to abandon its works at Rio Bravo. This morning, shares in the company plummeted over 30%. The New World Oil and Gas meanwhile, says it will continue to focus on five remaining drill prospects in Blue Creek, as well as others in Denmark.

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