Singapore-listed Interra Resources Limited (Interra) reported that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1170 in the Chauk oil field in Myanmar.
Interra has a 60 percent interest in the Improved Petroleum Recovery Contract of the Chauk field and also owns 60 percent of Goldpetrol which is the operator of the field. Interra’s share of the cost of drilling will be funded from existing funds on hand. Since CHK 1170 is being drilled using Goldpetrol’s ZJ 450 rig, costs are expected to be relatively low.
CHK 1170 will be drilled to a targeted depth of 3,300 feet as a southern offset to CHK 1166 and with the same objective as the currently drilling northern offset well CHK 1172, namely to accelerate production from the reservoirs that produce from CHK 1166 which was completed in March 2013, producing in excess of 110 barrels of oil per day. Additionally CHK 1170 will test deeper reservoirs as seen in offset well CHK 1162 which gave an initial production in excess of 60 barrels of oil per day in August 2011.
Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results of the drilling operation as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.
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