Shoal Point Energy Ltd. Announces Commencement of Drilling Operations and Closing of Additional Financing.
Shoal Point Energy Ltd. Announces Commencement of Drilling Operations and Closing of Additional Financing.
(via Thenewswire.ca)
Toronto, ON: Shoal Point Energy Ltd. (the "Company" or "Shoal Point") (SHP on CNSX) announces that it has commenced drilling operations and has closed additional financing.
Operational Update
Shoal Point is pleased to announce that drilling operations have commenced at the Shoal Point 3K39z well, at Shoal Point, Port au Port Bay, Newfoundland. The borehole has been drilled to a measured depth of 1745 metres, and is cased to a measured depth of 1711 metres. Liquid hydrocarbon shows were recorded over the entire gross section of the well below about 700 metres, primarily in the form of gas chromatography/mud gas indicators, blue-white fluorescence in rock cuttings cut in solvent, oil-stained core, and petrophysics.
The current program is scheduled to set a whipstock, sidetrack, and deepen the current borehole to near the base of the Ordovician Green Point Formation, the primary target of the current exploration program. The evaluation program will involve the flow testing of up to five zones, including (1) a lower open-hole test in new hole, (2) a cased-hole extended formation leak-off (injection) test, and (3) up to three cased-hole perforation flow tests.
The lower open-hole test is designed to assess the natural flow properties and hydrocarbon saturation of newly-drilled (un-invaded) formation near the base of the well. The leak-off test is designed to assess the matrix rock properties and hydrocarbon saturation of the formation, as identified by NuTech, our petrophysical consultants, so that programs for stimulation of the Green Point Formation may be designed in the future. The cased-hole perforation flow tests are designed to assess the hydrocarbon saturation and the unstimulated natural flow potential of the formation which arises from a high concentration of bedding-parallel natural fractures, as interpreted by NuTech and the Company's geological team from logs, core and gas chromatography data. One of these fractured zones indicated potential permeability on a short open-hole Closed Chamber Test carried out during the initial drilling of the well, as reported by the company on June 24, 2011.
Photos @:
http://www.investorvillage.com/smbd.asp?mb=11925&mn=28250&pt=msg&mid=11266363
Stock prices @:
http://cnsx.ca/Page.asp?PageID=2013&AA_RecordID=344
chart @:
http://investdb.theglobeandmail.com/invest/investSQL/cnsx.show_chart?pl_primary_listing=SHP-CN&iaction=Generate&pl_period=12D
more info on this guy @:
http://www.investorideas.com/Research/PDFs/2011/SHP_110211.pdf
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The Goombarh holds this one, tucked away and almost forgot about it.
Nice movement upwards now...bright prospects for 2012
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Agreed. Excellent post & cool shots. i like to read your blog is very helpful.
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