Interra Resources Limited (the Company or Interra) announced Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well YNG 3259 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 ZJ 450 rig, costs were comparatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.
YNG 3259 was drilled as an up-dip offset to YNG 3255 which was completed as an oil producer in July 2013, with the primary objective of accelerating production from the oil-bearing reservoirs in this fault block. Following four days of production testing, YNG 3259 has been completed at 85 barrels of oil per day through casing perforations over 45 feet in six reservoirs.
YNG 3259 marks the seventeenth well to be completed as oil producer in Myanmar in 2013.
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