Tag Archives: OCTX

Business, Finance, Occupation & Industry

Octagon 88 Resources Announces Preliminary Results From the Elkton Erosional Edge Cores Now Under An

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Octagon 88 Resources Announces Preliminary Results From the Elkton Erosional Edge Cores Now Under Analysis In Labs

CALGARY, Alberta–(BUSINESS WIRE)– Octagon 88 ResourcesInc. (OCTX) is pleased to provide the following first analysis of the cores successfully taken from Elkton Erosional edge well. The porosity throughout the full 20 meters of pay zone has shown to be 30 percent rather than the earlier announced 18 percent. This dynamically increases the amount oil contained in the sands. Additionally the cores are fluoresced orange throughout the complete pay zone indicating again to be lighter heavy oil to produce with primary production methods.

These cores are being tested in AGAT laboratories to confirm the properties of this dolomitic highly oil saturated limestone deposited in a carbonate environment. From the extensive well control information (including positive reviewed cores studied in the area) the geological study was able to establish the sweet spot. The well site finding has established 20meters of oilsands pay zone with the well logs now indicating porosity values up to 30%, whereas the industry minimum porosity required for production is 8%. The consistency of the sands through the pay zone were 100 percent complete with no water present which when confirmed at AGAT labs, the company would have a second primary production project in parallel to the prior announced successful Blue Sky Gething project. The first 2 projects combined will target scaled development possibilities of 50,000 barrels a day of conventional heavy oil production beginning this year.


Conventional Heavy Oil Production

The project has the opportunity for primary production without stimulation or EOR (enhanced oil recovery), as the oil in the erosional edge is expected to be of a lighter API (density) than the main thicker Elkton & Debolt zones.

The first well in the Elkton project targeted the sweet spot that was established through geological studies. Based on other similar industry experience in the Grosmont area the company is projecting through several stages to ultimately bring on multiple 5,000 to 10,000 barrel a day scalable projects. Production from the Erosional Edge projects recently came to the forefront with the success of Laricina and Osum announcing commercial operations; a joint venture on the erosional edge of the Grosmount Carbonates using new technologies. Also Shell, Husky, Laracina, Osum, Athabasca Oil and Sunshine Oil are all currently advancing their Carbonate projects.

…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Octagon 88 and JV Partners – Coring Operation Successfully Completed – Coring Rig Moves to Second We

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Octagon 88 and JV Partners – Coring Operation Successfully Completed – Coring Rig Moves to Second Well

CALGARY, Alberta–(BUSINESS WIRE)– Octagon 88 Resources Inc. (OCTX) is pleased to announce the coring activity on the first planned well was successfully completed and the cores taken have been transported to AGAT Labs in Calgary for analysis.

“The samples seen from the cores indicate the oil in the company’s sands contain Lighter Heavy Oil with gas traces which should assist with mobilizing the oil to the well bore.” (Photo: Business Wire)

Coring began at about 417 meters and continued to 459 meters, the targeted bottom of the Bluesky/Gething formation. Eight meters of excellent quality cap rock necessary for enhanced recovery methods, was cored followed by 30 meters of various types of oil bearing sands including those which may produce with primary production without the use of SAGD or CSS methods. The primary production is similar to neighboring oil majors and will bring on production much quicker while substantially reducing CAPEX costs of the project.

The samples seen from the cores at location indicate the oil in the company’s sands contain Lighter Heavy Oil with gas traces which should assist with mobilizing the oil to the well bore. The company is awaiting the results of laboratory analysis expected in two to three weeks to confirm the porosity, permeability and viscosity (type of oil). This will be followed by extensive simulation work to establish the best recovery method. Further development plans of the Bluesky/Gething zones will be forth coming.


“From seismic analysis, the channel is expected to be about 500 to 800 meters in width at the core location. With the approximately 30 meters of oil bearing pay zone, the company has made strong progress toward our scalable production plants objective, starting at 1’200 barrels a day and growing the
 Bluesky project to a potential of 20,000 barrels a day production. Further developments are underway moving to 3D seismic which will further map the zone and provide multiple horizontal drilling locations targeting production in late 2013.”

-CEC North Star Technical Team

With the success of this first core well, the rig is demobilized and is moving to the second location …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Octagon 88 – Bluesky/Gething Drilling Program Has Reached Target Depth of 500 Metres

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Octagon 88 – Bluesky/Gething Drilling Program Has Reached Target Depth of 500 Metres

CALGARY, Canada–(BUSINESS WIRE)– Octagon 88 Resources, Inc. (OCTX) is pleased to announce the drilling operations of the first well announced March 11, 2013 has successfully reached a total depth of 500 meters – the coring operations have now begun.

Coring Rig Reaches Target Depth of 500 meters in Bluesky/Gething Well (Photo: Business Wire)

The first of the 3 wells is located in the Manning area of the Peace River block of north-western Alberta. Octagon 88 and partners are 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 cores will be tested in designated laboratories to confirm the properties of the sands, oil and cap rock, establishing the Bluesky/Gething well through laboratory analysis.

Thereafter extensive simulations are carried out for the best economic recovery rates with the different types of development appropriate to each of the projects.



About:


Octagon 88 Resources

In 2012 / 2013 Octagon 88 Resources, Inc. has acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the company.

The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.

Forward-looking Statements:

This press release contains forward-looking statements concerning future events and the Companies’ growth and …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Octagon 88 Resources and CEC North Star License Applications Approved and Lease Construction for Dri

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Octagon 88 Resources and CEC North Star License Applications Approved and Lease Construction for Drilling Underway

CALGARY, Canada–(BUSINESS WIRE)– 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.



About:


Octagon 88 Resources

In 2012 / 2013 Octagon 88 Resources, Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the company. The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.


CEC North Star

CEC North Star Energy Ltd is a non-public Calgary based Energy …read more
Source: FULL ARTICLE at DailyFinance