Belize

Belize is a nation which is significantly under explored for hydrocarbons as

compared to the adjacent producing areas of the Yucatan Peninsula and the

Guatemala Chapayal Basin The general stratigraphy and structures of Belize

are similar to the two giant oil provinces which flank theYucatan Peninsula;

Dense rainforest made seismic crew access difficult but never impossible

Reforma Tabasco Mesozoic province and the Campeche Marine Platform. The blocks held by the Company are in the Corozal Basin which projects as the southern continuation of the Salin Basin and the eastern extension of the North Peten Basin. Within and flanking these blocks are several wells which had live oil shows in earlier drilling.

The reconnaissance program of 40 kilometers (25 miles) of seismic line was shot using jungle/swamp equipment. Seismic field operations commenced on March 7, 1990 and was completed on April 25, 1990. Total expenditure was US $413,100.

The reconnaissance seismic data indicates a deep structural basin of Mesozoic age is present in the contract area. This graben is filled with over 30,000 feet of Mesozoic-Tertiary sediments in a stratigraphic sequence common to the giant oil provinces flanking the Yucatan Platform of southern Mexico. Preliminary data indicates significant structuring has occurred, particularly in the Jurassic-Cretaceous section, to form viable hydrocarbon traps.