Octagon 88 Resources (OCTX) announce that the operator has advised it will now proceed with the licensing and drilling of the second Elkton well prior to the end of Q2 2014. The decision to spud the next Elkton well is credited to the operation team's extensive analysis of the Elkton formation obtained from the production testing of the first horizontal well completed on January 2014.

Management's decision for EOR exploitation was further proven in a recent test conducted by Perm labs showing Elkton recovery rates enhanced substantially with the application of EOR. The lab results lead the Manning Project's Operator to recommend proceeding with drilling a vertical well to obtain additional core results that will define which of the EOR methods will be implemented on the horizontal well to follow.

Tags: Octagon 88 Resources