Interra Resources Limited (the Company or Interra) announced Wednesday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1173 in the Chauk oil field in Myanmar.
Interra has a 60 percent interest in the Improved Petroleum Recovery Contract of the Chauk field and also owns 60 percent of Goldpetrol which is the operator of the field. CHK 1173 is being drilled using Goldpetrol’s LTO 350 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.
CHK 1173 will be drilled to a targeted depth of 2,600 feet as an infill development well to CHK 1166 and CHK 1171, both of which were completed as oil producers this year. The primary objective is to accelerate production from the oil reservoirs that produce from these two wells and other 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 of the drilling operation as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.
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