Interra Resources Limited (the Company or Interra) revealed Thursday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well YNG 3266 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 3266 is being drilled using Goldpetrol’s ZJ 450 rig, thus drilling costs are expected to be relatively low. Interra’s share of the cost of drilling is funded from existing funds on hand.
YNG 3266 is to be drilled as a south offset to wells YNG 3255, YNG 3259, and YNG 3264 which were completed over the previous eight months as oil producers. It will be drilled to a targeted depth of 4,200 feet with the primary objective of accelerating production from the oil reservoirs that produce from these and older wells in this fault block.
Interra estimates that the results of the drilling and completion should be available in approximately six 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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