Interra wishes to inform shareholders that its jointly controlled entity, Goldpetrol Joint Operating Company Inc., commenced drilling a deep development well, Yenangyaung 3232, in the Yenangyaung oil field in Myanmar on October 9, 2008.
Interra has a 60% interest in the Improved Petroleum Recovery Contract of the Yenangyaung field and also owns 60% of Goldpetrol which is the Operator of the field. Well 3232 will be drilled by an external drilling contractor.
The well is designed to be a development well, extracting oil from the 3500/3700/3900FT sands of the Okhmintaung Formation. The location is in a northern fault block of the Yenangyaung field which has 20 producing wells and will be drilled approximately 800 feet to the northwest of well 3228, which has produced approximately 325,000 barrels of oil and continues to flow at over 100 barrels of oil per day. The well has a target depth of 7,800 feet and has been designed to also penetrate the 4700FT sands in the deeper Padaung Formation. Oil is produced from these sands in nearby well 3231.
Interra estimates that the results of the drilling should be available in approximately two months' time. The Company will announce the results of the drilling operation as soon as they may be ascertained.
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