Canadian Imperial Venture Corp. (“CIVC”) says drilling operations are underway at the Shoal Point 3K39z well in Port au Port Bay in western Newfoundland.

The company said in a news release a borehole has been drilled to a measured depth of 1745 metres, and is cased to a measured depth of 1711 metres.

CIVC says 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, bluewhite 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.

The company says this stage of operations is expected to take between nine and twelve weeks to complete, depending on the final number of cased-hole tests conducted.

“As a significant shareholder of Shoal Point Energy, CIVC is very pleased with the progress being made on the 3K39z well in Western Newfoundland and we look forward to the coming weeks,” said CIVC president and CEO Gerard Edwards.

Canadian Imperial Venture Corp. is an independent Atlantic Canadian-based resource company.