Treaty Energy Corporation suspends drilling in San Juan

If you think that last week’s Supreme Court ruling by Justice Oswell Legall had implications only for old petroleum contracts related to offshore drilling, well, think again. The court declared six contracts  “illegal, null and void.”, including contracts held by Princess Petroleum in Belize, adding that an EIA is required before a petroleum contract is issued. It turns out that the decision also affects Treaty 2Treaty Energy Corporation, which has been working in the South of Belize exploring for Oil! Treaty Energy Corporation, is a joint venture partner with Princess Petroleum in Belize, this means that Treaty… is drilling on the contract of Princess petroleum… which the courts have ruled as null and void. Treaty announced on Wednesday , April 24, that the company has suspended drilling operations; they had been working on their  third well ; San Juan Number Three,  in the San Juan area near Cowpen village. they had already drilled a depth of 700 feet since March of this year. In a press release, Treaty states that “Due to the current injunction placed on offshore concession holders, and by extension Treaty Energy Corporation, drilling on San Juan #3 has been suspended,. “Treaty Energy Corporation is still awaiting guidance from the Government of Belize regarding their future course of action on how Treaty Energy Corporation will proceed with drilling on San Juan #3,”  Princess Petroleum’s legal counsel is Rodwell Williams, of the law firm of Barrow & Williams and he informed Treaty of how the Oceana case potentially impacted the current contracts with which treaty was working. Government says it intends to appeal the decision.

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