Interra Resources Limited announced that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed drilling development well CHK 1170 in the Chauk oil field in Myanmar as an oil producer.
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. Since the well was drilled using Goldpetrol’s ZJ 450 rig, costs were comparatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.
CHK 1170 was drilled to a total depth of 3,370 feet as a south offset to CHK 1166 which was completed in March 2013. The primary objective of CHK 1170 is to accelerate production from the reservoirs of this fault block. Following 5 days of production testing, CHK 1170 has been completed through casing perforations over 10 reservoirs totalling 69 feet at 45 barrels of oil per day.
CHK 1170 marks the seventh well to be completed as an oil producer in the Chauk oil field and the thirteenth in Myanmar in 2013.
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