Jericho Ecstatic over Potential Pay-off at 11 Well Development
Jericho Energy Company Inc. announced that it has recently engaged the services of Thrust Resources, based in Texas, to perform a spot study with state-of-the-art Radiometric Plus technology on their 11,000 acre leased area located in Rush Valley, Utah.
These tests were to find the exact locations for the first 11 wells to be drilled on the property. Although the final report will not be out for about two weeks, the initial results of these tests have been even more lucrative than the company first anticipated, with an estimated average output of between 600 and 900 barrels per well per day, according to analysts for Jericho Energy.
"All of us at Jericho Energy are thrilled with the results of these tests," said Jericho VP Joseph Abdo. "Because Radiometric Plus has a 95% accuracy rate, we are very confident in the 600-900 barrel a day estimate. As soon as the final report is put out, we will start on the initial infrastructure at the well sites, which we are projecting to take about 60 days to complete. Jericho is right on schedule to commence drilling in November of this year."