Interra Resources Limited (the Company or Interra) reported Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed infill development well YNG 3257 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. Due to a drilling depth that exceeds Goldpetrol’s own two drilling rig capacities, YNG 3257 was drilled using an externally contracted Sinopec Service XJ 750 rig. Several deeper and more difficult wells are scheduled to be drilled in the Myanmar fields employing this rig. Interra’s share of the cost of drilling was funded from existing funds on hand.
YNG 3257 was drilled to a total depth of 5,352 feet in the producing Nyaung Do fault block located in southern Yenangyaung field. The primary objective of YNG 3257 was to establish oil production in this area of the fault block from reservoirs as determined from electric logs analysis in offset YNG 3142, which was drilled in December 1979 but was shut-in before production was established. Following four days of production testing, YNG 3257 has been completed at an average 70 barrels of oil per day through casing perforations over 38 feet in two reservoirs.
YNG 3257 marks the sixteenth well to be completed as oil producer in Myanmar in 2013.
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