octagon 88 resources inc (OCTX) Key Developments
Octagon 88 Resources Inc. Announces Spudding of First Horizontal Production Well 13-24-091-22W5 on the Bluesky Gething Formation
Jul 17 14
Octagon 88 Resources Inc. announced that the first horizontal production well 13-24-091-22W5 on the Bluesky Gething formation has been spudded successfully. The manning projects operator reported the first horizontal production well 13-24-091-22W5 was successfully spudded on July 12, 2014.
Octagon 88 Resources, Inc. Announces Confirmation of First Horizontal Production Well Drill License
Jun 24 14
Octagon 88 Resources, Inc. announced that the Manning project's operator has confirmed it has received the license to drill the first horizontal production well (W 7-10-91-22W5), one of a series of horizontal wells on the Bluesky Gething formation as previously advised. Lease preparation on site has been concluded, based on rig availability the operator is now targeting to spud the well on July 15, 2014. This well will be the first of 5 horizontal wells that will be drilled from one well pad; the other four licenses are currently underway. Each well targets the upper zones of the Bluesky Gething formation where the operator has experienced ideal primary production conditions by way of prior core results, lab testing and previous vertical production well testing. The operator reports: 'each well will be 800 to 1200 meters in length with expected results to be production of 150 to 200 barrels a day. The oil tested from the last vertical at AGAT labs showed a consistency of API in the range of 10.5 to 11.5 degrees which is known to be exploitable by Conventional Heavy Oil drilling technology.
Octagon 88 Resources, Inc. announced delayed 10-Q filing
May 15 14
On 05/15/2014, Octagon 88 Resources, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
Octagon 88 Resources Inc. Receives Summary of Results on Bluesky Gething Production Test Well
May 8 14
Octagon 88 Resources Inc. announced it has received a comprehensive report including recent core and Oil sample testing results concluded by AGAT laboratories. The Operator has received oil and core sample properties taken from the recent Bluesky Gething vertical well. The summary made by the operator has confirmed the following: core analysis of these sandstones indicates excellent porosity and permeability, ranging up to 36% and 6200md respectively AGAT analysis of oil saturations in the pay interval are approximately 75%. The well CEC NORTH STAR DEADW 7-10-91-22W5 was drilled in late March 2014 to test the Bluesky Formation. Based on log and core analysis: Analysis of the 3D seismic suggests that the Bluesky channels extend beyond the 3(rd) party PIIP analysis concluded late summer 2013. The operator has confirmed that they will now proceed to drill a horizontal production well starting approximately 1,400 meters east of the targeted 10-23 well to achieve a longer horizontal production well into the desired upper channel target. The Operator expects that this well will encounter much thicker upper channel sandstones with more pay, and similar to the producing Bluesky Gething sandstones to the south. The well has been surveyed and the D-56 letter issued and licensing is underway. Well license should be issued by mid-May and as soon as the spring melt is dried up, the Operator will move on to drill, complete and produce this well.
Octagon 88 Resources, Inc. Announces the Construction of the Well Pad on the Red Earth Well Site
Apr 15 14
Octagon 88 Resources, Inc. announced the construction of the well pad on the Red Earth well site Section 9 89 R3W5 being near completion. The operator has advised post spring break up the drilling rig will be contracted and spudding will occur. The current program schedule entails working with the operator of these properties CEC North Star to bring on production and cash flow through the company's direct working interests, and indirect investments spread throughout the projects.