Octagon 88 Resources And CEC North Star License Applications Approved And Lease Construction For Drilling Underway
Octagon 88 Resources Inc. (OCTX) and CEC North Star Energy LTD are pleased to announce the first 2 of 3 drilling locations have received all government permits required to commence drilling operations. Accordingly, lease construction is underway with planned spudding of the first well based on rig availability.
The first of the 3 wells is located in the Manning area of the Peace River block of north western Alberta, targeting the Bluesky Gething zone; An area known to be a consistent producer of conventional Heavy Oil by companies like Shell, Murphy, Baytex and Pennwest. The well will be cored to the depth of about 500 meters. The Company intends on having the cores tested in laboratories to confirm the properties of the sands, oil and cap rock and to thus establish via the laboratory work. Thereafter extensive simulations are carried out for the best economic recovery rates with the different types of development appropriate to each of the projects.
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