Singapore-listed Interra Resources Limited announced that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed drilling infill development well YNG 3255 in the Yenangyaung oil field in Myanmar as an oil producer.
Interra has a 60 percent interest in the Improved Petroleum Recovery Contract of the Yenangyaung field and also owns 60 percent of Goldpetrol which is the operator of the field. Since the well was drilled using Goldpetrol’s own XJ 450 rig, costs were comparatively low. Interra’s share of the costs of drilling was funded from existing funds on hand.
YNG 3255 was drilled to a total depth of 4,691 feet as an infill development well to pre-war shut-in wells YNG 2958 and YNG 2921. The objective of YNG 3255 is to extract the remaining oil not produced from the oil bearing reservoirs of YNG 2958 and YNG 2921. YNG 3255 has been completed at a stable 75 barrels of oil per day through casing perforations over 41 feet in eight of these reservoirs.
YNG 3255 marks the sixth well drilled in Yenangyaung field and the eleventh drilled in the Myanmar asset in 2013, all of which have been completed as oil producers.
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