Fervo reports sharply shorter drilling times across its first Cape Station wells

Fervo Energy/Cape Station

Fervo Energy said its fastest horizontal well at Cape Station took 21 days, a 70% reduction from Project Red in 2022, while average cost per well fell from $9.4 million to $4.8 million across the first four horizontal wells. The wells are deeper and hotter than Project Red; improvements came from oil-and-gas diamond drill bits, mud coolers and other manufacturing process innovations.

• Fastest well: 21 days (70% time reduction vs. Project Red).
• Cost per well: $4.8M (down 49% from $9.4M on first Project Red wells).
• Wells deeper, hotter than Project Red; used oil-gas diamond bits and mud coolers.
• Average rate of penetration: 70 feet/hour; exceeds NREL 2035 projections.