From Shoal Point (SHp) News Release of 22nd Feb 2012- which mostly deals with closing of financing- "has completed two financings to raise a total of $6,811,800 which is to be used to finance the balance of drilling and testing of the 3K-39 well on exploration licence 1070 (EL 1070) and also for the planning of future exploration wells on EL 1120 and EL 1097R."Then goes into details. If interested, the Release is on their website, Stockwatch, etc.

What is of immediate interest is this section at the end of the Release-

Operations Update:

Shoal Point is pleased to announce that operations at the DLMC Shoal Point 3K-39z well are continuing, and that the side-tracked well is expected to reach a measured depth of approximately 1,800 metres over the next few days, after which the borehole will be logged, and a open hole test will be run over the entire approximately 190 metre open hole section below the whipstock. Thereafter, the hole will be drilled to final total depth.

As announced previously, the current work will also involve up to four tests out of the casing in the existing 3K-39 borehole, subject to final regulatory approvals of the testing program. All tests will occur within the Green Point Formation, and will test the flow potential and reservoir characteristics of unstimulated, fractured Green Point shales. The balance of the program is expected to take up to 45 days to complete."

So we may hear something about actual oil flowing- it sounds as if the open hole test on the side-tracked well does not need further 'approvals', whereas the tests through the casing of the existing 3k39 borehole is still waiting for regulatory approvals.