18:22:44 EDT Fri 03 Jul 2020
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Shoal Point Energy Ltd (2)
Symbol SHP
Shares Issued 21,770,810
Close 2020-01-13 C$ 0.28
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Shoal begins casing first well at Mount Evans project

2020-01-14 09:30 ET - News Release

Mr. Mark Jarvis reports


Production casing is being installed in Shoal Point Energy Ltd.'s first Mount Evans project well. An attempt will be made to complete the well as a commercial producer.

"Analysis of logs and oil flow in drill stem tests indicates that several zones should be completed," commented Mark Jarvis, chief executive officer of Shoal Point Energy. "The completion program is being designed now, and we will move in to complete and equip the well after giving the cement 10 to 14 days to cure."

Shoal Point Energy has completed all earn-in requirements under the farm-in arrangement by drilling to target depth of 4,764 feet, and all operations at Mount Evans from this point forward will be conducted as a joint venture, with Shoal Point holding a 65-per-cent working interest and its partner holding the balance.

"This positive result is cause for cautious optimism about the entire Mount Evans project," commented Mr. Jarvis. "Evaluation of this well and the addition of the data to our seismic and geological model will help in selecting locations for other wells in our acreage package. We are very impressed by the methodical, scientific approach taken by our partner's technical team and look forward to continued success working with them."

About Shoal Point Energy Ltd.

Shoal Point Energy is focused on its Mount Evans project in Kansas and retains its oil and gas interests in the Humber Arm allochthon play in western Newfoundland.

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