GREY:CIMVF - Post by User
Post by
turron Feb 09, 2008 8:08am
413 Views
Post# 14343871
Western Star
Western Star
Is this the start of an oil boom?
The Western Star
A massive oil rig is arriving truck load by truck load at Shoal Point on the Port au Port Peninsula as the latest oil play in this region reaches a new plateau.
Transportation of a rig from Alberta in itself isn’t anything new when it comes to petroleum exploration in western Newfoundland, however, it does represent new hope that commercial quantities of petroleum will be discovered this time around.
A well was drilled near the same location by Hunt Oil and PanCanadian Petroleum in 2000 that turned out to be dry ...but there is strong speculation the target was missed.
An experimental geophysical program carried out by Memorial University later may have provided the missing link and showed the first well missed its mark.
Now Canadian Imperial Venture Corporation and Shoal Point Energy Limited, an Alberta company, are going to take a stab at finding oil they believe eluded the drillers of the K39 well.
Only time and a big investment of money will tell if 2K39 will be successful and trigger more onshore and offshore drilling on the Port au Port Peninsula and all over western Newfoundland.
If it does, it might mean the start of a lasting oil boom in this region?