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Jericho Oil Corporation Completes Phase 1 Drilling Program Ahead of Schedule With Positive Initial Production Results
VANCOUVER , June 11, 2014 /CNW/ - Jericho Oil Corporation ("Jericho" or the "Company") (T...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"\n\nVANCOUVER, June 11, 2014 /CNW/ - Jericho Oil Corporation (\"Jericho\" or the \"Company\") (TSX-V: JCO)  announces it has completed its Phase 1 drill program ahead of schedule drilling 35 additional wells (40% more than the scheduled 80 wells) with positive results from its initial drilling efforts.    \n\nThe Company has now drilled 72 new, oil producing wells and 43 new, secondary recovery water injection wells into known producing formations between 600 and 800 vertical feet on its eastern Kansas properties, with a greater than 90% success rate.  To-date, 30 oil producing wells and 12 secondary recovery water injection wells have been brought on-line.  Initial production rates per producing well have averaged between 3.0 to 5.0 barrels of oil per day, exceeding Jericho's single well economic assumptions for the region.  The Company intends to turn on the additional 32 oil producing wells in addition to continuing the initial stages of the secondary recovery waterflood process by turning on 30 secondary recovery water injection wells in the coming weeks.\n\nThe Company typically drills one water injection well in the middle of every four oil production wells.  Water is injected into the oil producing zones in order to maintain optimal reservoir pressure and drive additional oil to producing wells.  This secondary recovery process aims to accelerate and increase recovery of oil from the reservoir. \n\nJericho encountered reservoir thickness in its targeted zones of between 5 and 26 feet with average pay zones of 10 feet. This is in-line with our operating team's experience in the region.  Additionally, two of the Phase 1-targeted leases on its EKan-2 asset experienced a second oil zone which had been undeveloped by previous operators.  The Company intends to commingle and produce both zones together, as well as further target the secondary zone in its Phase 2 development program later this year.  Preliminary core analysis  on these  leases  exhibited promising average porosity of 23% and an abnormally high 52% oil saturation across targeted pay zones.  Jericho continues to collect drilling data, core analyses and initial production results from its Phase 1 drilling program and looks to high-grade drilling inventory  for Phase 2 developm...