Jericho Oil Corp. (JCO:TSX.V; JROOF:OTC) provided an update in a news release on the progress of two Oklahoma STACK Joint Venture wells.
As for the Trebuchet 21-23N-10W #1H well, in which Jericho has a 40% working interest, drilling is underway in the lateral section, and about 90% of the planned total measured depth has been achieved.
The rate of penetration there is about 1.6 to 1.8 times that of Swordspear 15-23N-10W #1H, Jericho's initial Osage Formation well, at the same measured depth, thus decreasing the total rig days needed for Trebuchet. The increased rate of penetration is mostly due to a better "drilling-bit set-up and specific lateral geosteering," the release explained.
Next, the well will be fracture stimulated, starting in late November/early December.
The Valkyrie 6-19N-12W #1H well, in which Jericho has a 23.5% working interest, is in flowback following 35 successful fracture stimulation stages. "After only a few days on flowback, we are extremely pleased with the resulting downhole pressures and total fluid flowback," the release noted.
The company stated that it will provide further updates this year on the production of its wells.
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