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CHK 1173 Development Well Completed as an Oil Producer in Chauk Field

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Interra Resources Limited revealed that its jointly controlled entity, Goldpetrol Joint Operating Company Inc., has completed development well CHK 1173 in the Chauk oil field in Myanmar as an oil producer.

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. 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.

CHK 1173 was drilled to a total depth of 2,530 feet as an infill development well to producing oil wells CHK 1166 and CHK 1171, with the primary objective of accelerating production from reservoirs that produce in this fault block.

Following five days of production testing, CHK 1173 has been completed through casing perforations over eight reservoirs totalling 55 feet at 184 barrels of oil per day. CHK 1173 is the fifth well to be completed in this fault block in 2013 and as a group has had a significant positive impact on the Chauk field oil production. Several prospective shallower reservoirs will be tested later in this well or by shallow offset well.

CHK 1173 marks the nineteenth well to be completed as an oil producer in Myanmar in 2013.

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