- Jericho Energy (JEV) has reported initial production results from its Lazarus 1 vertical well in Oklahoma
- Its 45-day average oil rate came in at 75 barrels per day with an average natural gas rate of 65 mcf per day
- Management expects the well to achieve payout in less than 18 months
- Jericho Energy Ventures owns, operates and develops traditional hydrocarbon and low-carbon energy transition projects
- Jericho Energy (JEV) is down by 1.45 per cent, trading at $0.34 per share
Jericho Energy (JEV) has reported initial production results from its Lazarus 1 vertical well in Oklahoma.
Its 45-day average oil rate came in at 75 barrels per day, with an average natural gas rate of 65 mcf per day.
Production has not experienced any meaningful decline since the first production on December 7th, 2022.
Management expects the well to achieve payout in less than 18 months based on current CME WTI Oil Futures and NYMEX Henry Hub Natural Gas Futures pricing.
Jericho’s 50-per-cent owned joint venture, Eagle Road Oil, owns 16,000 net acres and production infrastructure central to Lazarus 1, where it will seek out additional offset drilling locations accretive to shareholder value.
“Oil and natural gas price stability provided the Jericho team with the opportunity to drill its first well in over four years. We’re extremely pleased with the initial results,” stated Brian Williamson, Jericho’s CEO.
Jericho Energy Ventures owns, operates and develops traditional hydrocarbon joint venture assets while advancing low-carbon energy transition projects, including active investments in hydrogen.
Jericho Energy (JEV) is down by 1.45 per cent, trading at $0.34 per share as of 11:22 am EST.