A junior mid-continent oil explorer we have been following, Jericho Oil Corp (JCO.V), released an updated reserves evaluation this morning and there are some impressive nuggets within the release; Jericho has increased proven & probable reserves (2p) to 1.24 million barrels and managed to reduce all-in finding & development costs to $8.28 per barrel from a previous cost of $26.80.
Jericho has also increased daily production to ~260 barrels of oil equivalent and the company is targeting 1,000 bpd net production by the end of Q3:
“ We are still working towards getting to 1000 boe/d for JCO by the end of Q3-16. We are diligencing multiple acquisitions in Oklahoma which would help us achieve that goal. In addition, the company intends to acquire an additional 25% WI in the PostRock asset that it acquired at YE2015 along with our family partner, which would kick in an additional ~100+ boe/d.” ~ Adam Rabiner, Jericho Oil Chief of Corporate Communications
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