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Interra Commences Drilling at 2 Wells in Yenangyaung Oil Field

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Singapore-listed Interra Resources Limited (the Company or Interra) announced Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well YNG 3258 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 3258 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 3258 is drilled as a southeast offset to oil producing well YNG 3260 in the central portion of Yenangyaung field to a targeted depth of 2,650 feet. The primary objective is to accelerate production from the oil reservoirs that produce from the several wells 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.

In a related development, the company Interra has commenced drilling development well YNG 3260 in the Yenangyaung oil field.

YNG 3260 will be the second deeper development well to be drilled employing hired rig XJ 750. Interra’s share of the cost of drilling will be funded from existing funds on hand.

YNG 3260 is proposed to be drilled to a depth of 5,700 feet as an infill development well in the southern Nyaung Do area of Yenangyaung field. The primary objective is to re-establish oil production from the several oil reservoirs in this portion of the Nyaung Do fault block.

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