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 1176 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 1176 is being drilled by employing the hired ZJ 750 rig. Interra’s share of the cost of drilling will be funded from existing funds on hand.
CHK 1176 is proposed to be drilled to a target depth of 3,400 feet and will be one of the more technically challenging wells drilled by Goldpetrol. The well will be drilled under the Ayeyarwaddy River from the east bank employing state of the art directional drilling techniques. The primary objective is to penetrate and produce remaining oil from reservoirs which have not been drained by existing wells.
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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