Interra Resources Limited (the Company or Interra) reported that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling infill development well YNG 3259 in the Yenangyaung oil field in Myanmar.
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. YNG 3259 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.
YNG 3259 is drilled as an up-dip offset to YNG 3255 which was completed as an oil producer in July 2013. The primary objective is to accelerate production from the oil reservoirs that produce in this fault block.
Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.
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