Interra Resources Limited (the Company or Interra) reported that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well YNG 3258 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 LTO 350 rig, costs were comparatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.
YNG 3258 was drilled as a southeast offset to oil producing well YNG 3260 in the central portion of Yenangyaung field to a depth of 2,594 feet. The primary objective is to accelerate production from the oil reservoirs that produce from the several wells in this fault block. Following production testing, YNG 3258 has been completed at 60 barrels of oil per day through casing perforations over 40 feet covering six reservoirs.
YNG 3258 marks the eighteenth well to be completed as oil producer in Myanmar in 2013.
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