Interra Resources Limited (the Company or Interra) reported that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1175 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 1175 will be drilled to a targeted depth of 5,600 feet using Goldpetrol’s ZJ 750 rig. Interra’s share of the cost of drilling will be funded from existing funds on hand.
CHK 1175 will be the first well drilled in the South Moolla fault block since 2002 where only four wells have been drilled, and will be an up-dip offset to CHK 1153 which is the only supra-thrust producing oil well in the block. The primary objective is to accelerate production from the supra-thrust oil reservoirs that produce in CHK 1153 and success will possibly set up additional offset locations.
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.
The Company wishes to advise that investors should exercise due care and caution when trading Interra’s shares. It is not certain that the development drilling mentioned above will ultimately yield commercially recoverable hydrocarbons or profitable production.
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