Octagon 88 Resources & Partners Announce The Bluesky/Gething Well Has Been Successfully Spudded
Octagon 88 Resources Inc (OCTX) and CEC North Star Energy Ltd are pleased to announce the coring rig has reached location and has spudded the first well. This well is the first licensed location of two locations recently receiving governmental approval as previously announced on March 5, 2013. The well is expected to reach the base of the Bluesky/Gething channel at approximately 500 meters from surface, and will take five days to touch down to its scheduled depth.
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 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts