Interra Resources Limited (the Company or Interra) revealed Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well CHK 1179 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 ZJ 450 rig, costs were comparatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.
CHK 1179 was drilled to a depth of 3,792 feet with the primary objective of accelerating production from the oil reservoirs that have not been efficiently drained by offset wells in this fault block. Following production testing, CHK 1179 has been completed by pump for 24 barrels of oil per day.
CHK 1179 marks the third well to be completed as an oil producer in Myanmar in 2014.
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