Octagon 88 Resources Inc. (OCTX) has received confirmation from the Manning projects operator that the drill rig has been contracted and mobilized for the spudding of the first primary production well 9-4-92-23-W5 on the Elkton erosional edge. The nearing production phase has the company focusing on the Elkton project as the economics have substantially improved since the formation's erosional edge has been found, termed geologically unique to Canadian oil production.
First Manning Production Project: Elkton Erosional Edge
◾ 1.05 billion Barrels PIIP (third-party validated).
◾ Developed over 25+ years with peak primary oil production rate occurring near the end of year 4 (2018) at over 30,000 bbl./d
◾ Extra testing is being concluded on the Elkton formation's geologically unique erosional edge to maximize production capacity.
◾ Primary Production of Oil in the Elkton Erosional Edge, an 8% to 14% recovery rate to be followed up with infill drilling and then subsequent pressure maintenance with an additional 8% recovery rate for a cumulative 200,000,000 recoverable barrels. Thermal recovery methods will be added in later years increasing the total recovery rate to an expected 40%.