Interra Commences Drilling at CHK 1171 Well in Chauk Oil Field

Interra Resources Limited (the Company or Interra) reported that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1171 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. CHK 1171 is being drilled using Goldpetrol’s ZJ 450 rig, thus drilling costs are expected to be relatively low. Interra’s share of the cost of drilling will be funded from existing funds on hand.

CHK 1171 will be drilled to a targeted depth of 3,200 feet as an infill development well to producing oil wells CHK 1166 and CHK 1170, with the primary objective to accelerate production from the reservoirs that produce from these 2 wells as well as other wells in this fault block.

Interra estimates that the results of the drilling and completion should be available in approximately 6 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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