The company said that the Shoal Point 3K39 well will be logged prior to the open-hole testing, and a 5 1/2" casing string will be run and cemented for production.

The well collected approximately 50m of conventional core, comprising 10 separate cores, over the five most prospective intervals within the gross Green Point section between 400m to bottom hole at 1745m measured depth.

The well was deviated to an average dip of 56 degrees, and lies within 100m of the previously-drilled 2k39 well.

The primary purpose of the well is to evaluate the oil production potential of the Green Point formation/Cow Head Group organic rich rocks.

The evaluation of the logs will commence over the next several days, and will benefit from studies from collected cores, currently being carried out in Calgary and Houston.

Total gas and gas chromatograph data confirm the mud gas shows seen in 2k39 and indicate a thick section of oil-bearing strata, with several high potential zones identified.