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Octagon 88 Resources Provides Investors with an Executive Update of Project Development - Octagon 88 Resources, Inc. (OCTX) is pleased to provide its investors with the following executive update on its current active developments - Octagon-88.com
Octagon 88 Resources Provides Investors with an Executive Update of Project Development

 

PRZOOM - /newswire/ - Steinhausen, Switzerland, 2013/05/02 - Octagon 88 Resources, Inc. (OCTX) is pleased to provide its investors with the following executive update on its current active developments - Octagon-88.com.

   
 
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Elkton Erosional Edge
From recent core sample results received from AGAT laboratories, the Company has determined it has a second primary production project to bring on early cash flows in addition to the Bluesky Gething project. As the development advances the project will move to ERO (enhanced recovery) before proceeding with the last stage of thermal enhancement. The cash flows from Primary and ERO minimize the need for dilutive financings for full commercial development. The full report and further results confirming the successes of the project will be announced and made public in Company’s 8k filings. The Slumberger simulation study is currently underway. The confirmation of optimal recovery rates will be available to the Company by the end of May 2013.

Debolt Erosional Edge (New Project Introduction)
A coring program is being designed to be implemented in parallel with the drilling program on the Elkton for late 2013. Two separate Erosional edge targets have been now identified via the tremdous well control provided in the past via the 25 plus wells drilled prior in the immediate area. With the expected final confirmation of the Elkton Lab results the Company is now moving a priority focus to all Erosional Edge projects identified in the leases. The establishment of Primary production possibilities has become the “game changer” from previously designed typical but successful Thermal production methods. The economics are the major change and the advantages to our shareholders are substantial as it minimizes the Company’s need for external financing.

Bluesky Gething
CEC North star has recently reported to the Company that they commissioned the follow up 3D seismic on behalf of Octagon 88 to be implemented in the field immediately. The second stage 3D seismic will be completed by the end of May, being two months earlier than initially scheduled. The seismic data will be included in both the feasibility studies and reserve reports on all engaged projects. The 3D seismic will furthermore provide crucial information for additional coring and licensing of the first production test well on the project. Similarly to the Elkton Project, the Slumberger simulation analysis is currently active to establish the best recovery methods for optimal recovery rates.

Red Earth
Octagon 88 Resources (octagon-88.com) is pleased to advise that the surveying for the first of 2 of 4 wells on the Company’s Light Sweet Crude project is currently underway. When the surveying is concluded the Company will proceed to license the wells for scheduled drilling in the third quarter of 2013.
“Octagon 88 is extremely pleased with the work done by the CEC North Star group. The interrelationships and contributions between the two companies have been tremendous. The synergy of the companies developing the projects has over-succeeded expectations regarding time lines and results. It is a demonstration of how qualified groups of management covering multiple aspects required for a project have created momentum and competitive advantages. The Company will now focus on furthering acquisition opportunities inventoried, growing the Company byway of M&As, solidifying Octagon 88 as a consolidator of developmental assets.”
- Guido Hilekes CEO, Octagon 88 Resources Zug Switzerland

 
 
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Octagon 88 Resources Provides Investors with an Executive Update of Project Development

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Contact: Alexander Baldi - Octagon-88.com 
+41 79 237 6218 info[.]octagon-88.com
 
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