Jericho Oil Corp. (JCO:TSX.V; JROOF:OTC) announced in a news release the results of its two latest studies.
The first was an evaluation of production levels by offset operators drilling around Jericho's position in Oklahoma's STACK play.
The results showed "vast potential" for high-return wells on Jericho's acreage in the Osage Formation, according to the release. This was determined from Gastar, Fairway and Alta Mesa's surrounding wells having produced a combined average of 63,000 barrels of oil over six months.
The results also showed that the techniques associated with these productive wells are targeted lateral landing and enhanced stimulation design.
"We are very pleased with the validation of our resource and acreage value on the backs of strong well results and offset operator capital," the release noted. "Allowing surrounding operators to spend their capital while converging upon our position will yield the strongest return on investment for Jericho as we minimize our capital outlay."
The second study was a look at the geochemical makeup of various formations around Jericho's Northern STACK acres.
The most recent well analyzed demonstrated "outstanding oil storage capacity, high permeability and outstanding rock mechanics" throughout the Mississippian (Meramec and Osage), Shane Maton, Jericho's lead geologist, described in the release.
The company continues to amass these data on an ongoing basis, which in the short term, will inform Jericho's selection of a location for a potential drilling program in the second half of 2019.
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