Interra Resources Limited reported that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed drilling development well CHK 1172 in the Chauk oil field in Myanmar as an oil producer and, as such, has achieved a production milestone.
Interra has a 60 percent interest in the Improved Petroleum Recovery Contract (IPRC) of the Chauk field and also owns 60 percent of Goldpetrol which is the operator of the field.
Since the well was drilled using Goldpetrol’s Cooper LTO 350 rig, costs were comparatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.
CHK 1172 was drilled to a total depth of 2,600 feet as an offset to CHK 1166 which was completed in March 2013, producing in excess of 110 barrels of oil per day. The primary objective of CHK 1172 is to accelerate production from the reservoirs that produce from CHK 1166 and several nearby producing wells. Following five days of production testing, CHK 1172 has been completed through casing perforations over seven reservoirs totalling 41 feet averaging more than 200 barrels of oil per day.
This production rate makes CHK 1172 the current highest single well oil producer in the Chauk field and also marks a significant milestone as the current daily well head production rate of the Chauk field is now the highest since the commencement of the IPRC in 1996.
CHK 1172 marks the sixth well drilled in the Chauk field and the 12th drilled in Myanmar in 2013, all of which have been completed as oil producers.
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