Octagon 88 Resources Inc. (OCTX) announce that the first 75m in the Elkton pay zone is now complete. This portion of the horizontal is now being cased with the Company’s expectation that the well casing will be concluded today and the horizontal drill well will recommence immediately resulting in the operator meeting expected production timelines.
The operator has confirmed observing oil at surface with strong gas shows. This confirms validation of drilling the correct pay zone targeted by geologist studies and coring reports of the first Elkton well.
Octagon 88 also wishes to advise that it is filing its Form NT 10-K annual report today.
Geologically Unique - Elkton Erosional Edge:
◾ 1.05 billion barrels PIIP (third-party validated).
◾ Primary recovery of oil in the Elkton Erosional Edge with 8% to 14% recovery rate with staged and scalable 5,000 bbl/d to 10,000 bbl/d projects.
◾ To be followed up with infill drilling and then subsequent pressure maintenance with an additional 8+% recovery rate for an estimated cumulative 200 million barrels.
◾ Recoverable peak production exceeding 30,000 bbl/d.
◾ Enhanced Oil Recovery (EOR) exploitation targeting an additional 10% to 20% recovery rate with proven EOR technologies.