Octagon 88 Resources Inc. announce that the Manning projects operator has been granted the official production well license (21.09.13) required for the spudding and drilling of the first production well on the Elkton Erosional Edge. The drilling company and other required oil service providers are awaiting the Technical Team's final decision regarding the scheduling of the drill rig.

It has been recently stated that the Company has verified through third party analysis that the core samples and well logs from the Elkton Erosional has been proven to be geologically unique; as to the presence of unconsolidated oil sands at the edge of the consolidated limestone carbonates proven to hold even larger quantities of oil. Recent economic simulation testing has proven that primary (Cold Flow) production will be the production method used for the Elkton Erosional Edge, this is the Company's biggest competitive advantage as the operator will now carry on straight to production not needing thermal recovery thus saving exponentially on CAPEX costs and cash flow timelines.

Tags: Octagon 88 Resources