Interra Resources Limited (the Company or Interra) announced Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well CHK 1175 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. CHK 1175 was drilled to a depth of 5,500 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 was drilled as an up-dip offset development well to producing oil well CHK 1153 which has been the only producing oil well in the fault block. CHK 1175 is the first well drilled in over ten years in the South Moolla fault block with the primary objective of accelerating production from the supra-thrust reservoir that produces in CHK 1153. Following four days of production testing CHK 1175 has been completed at 15 barrels of oil per day.
CHK 1175 marks the twentieth well to be completed as an oil producer in Myanmar in 2013.
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