Business
Jericho Oil Corporation Reports Early Results Have Exceeded Expectations
VANCOUVER , Aug. 14, 2014 /CNW/ - Jericho Oil Corporation ("Jericho" or the "Company") (T...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"\n\nVANCOUVER, Aug. 14, 2014 /CNW/ - Jericho Oil Corporation (\"Jericho\" or the \"Company\") (TSX-V: JCO) today provides the first in a series of rolling updates on its Phase 1 Drilling Program results.\n\nIn June 2014, Jericho announced it had completed its Phase 1 Drilling Program, drilling and completing 62 new producing wells and 42 water injection wells.  In addition to the production results contained in this news release, the Company plans to provide further development and production results as it brings leases online over the coming weeks. \n\nJericho's first set of newly drilled and completed production wells on its Cartwright lease (160 acres in EKan-2) have produced well above expectations since being turned on approximately a month ago.   The three (Phase 1 Drilling Program) producers, drilled and completed, continue to produce in excess of 8 barrels of oil a day without the use of secondary recovery techniques.  Two additional producers are in the process of being brought online.  Jericho believes this trend will continue through approximately 200 acres of its lease package, as illustrated below.  In seeking the boundaries or edge of the formation, Jericho drilled and plugged two wells that were outside the heart of the formation at a cost of less than $10,000 per location. \n\nOn EKan-3, the Phase I Drilling Program focused on the development of a channel sand body  which traverses its initial 160 acre lease.  Twenty wells were drilled in the channel and completed (12 producers, 7 injectors and a water supply well).  All twelve of the producers are now online, with the last three coming on last week.  Current production, which is a blend of these three new wells on Initial Production (IP) along with the existing producers is currently making 30 BOPD.  Prior to bringing the final three producers online, the lease produced 17 BOPD at a steady state.  The core analysis on the channel sand showed a significant pay zone, good oil saturation, porosity and permeability. \n\nCore Statistics:\n\nSandstone Thickness:  16 feetDepth: 664-680 feetPorosity: >20%Permeability: >30mDOil Saturation: >32%\n\nAllen Wilson, CEO of Jericho Oil, commented, \"We are pleased with the early results in both locations.   The EKan-2 acreage showed good d...