Singapore-listed Interra Resources Limited (the Company or Interra) reported that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed infill development well YNG 3256 in the Yenangyaung oil field in Myanmar as an oil producer.
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. Since the well was drilled using Goldpetrol’s own Cooper LTO 350 rig, costs were comparatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.
YNG 3256 was drilled to a total depth of 2,991 feet as an infill development well between recently completed oil wells YNG 3251 and YNG 3254, with the primary objective of accelerating production from the oil bearing reservoirs in this fault block. YNG 3256 has been completed at a stable 17 barrels of oil per day through casing perforations over 39 feet in four reservoirs. Several shallower potential oil reservoirs will be tested at a later date.
YNG 3256 marks the fifteenth well to be completed as oil producer in Myanmar in 2013.
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