Interra Resources Limited (the Company or Interra) announced Friday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling infill development well YNG 3262 in the Yenangyaung oil field in Myanmar.
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. YNG 3262 is the fifth deeper development well to be drilled employing hired rig XJ 750 in 2013. Interra’s share of the cost of drilling is being funded from existing funds on hand.
YNG 3262 is proposed to be drilled to a depth of 5,400 feet as an infill development well in the southern Nyaung Do area of the Yenangyaung field. The primary objective is to produce oil from undrained portions of the several reservoirs in this part of the Nyaung Do fault block.
Interra estimates that the results of the drilling and completion should be available in approximately eight weeks. The Company will announce the results as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.
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