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Interra Spuds CHK 1182 Well in Chauk Oil Field in Myanmar

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Interra Resources Limited (the Company or Interra) disclosed Friday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1182 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 1182 is being drilled using hired ZJ 750 rig to a total measured depth of 3,600 feet. Interra’s share of the cost of drilling will be funded from existing funds on hand.

CHK 1182 will be the fourth well drilled directionally under the Ayeyarwaddy River in northern Chauk field. The primary objective is to accelerate production from the oil reservoirs that produce from 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.

In a related development, Goldpetrol has completed development well CHK 1180 in the Chauk oil field as an oil producer.

CHK 1180 is the third well to be drilled directionally under the Ayeyarwaddy River in northern Chauk field as a north offset to the successful CHK 1176, which was completed in December 2013 at 185 barrels of oil per day. CHK 1180 was the most challenging of the three and attained a deviation of over 38 degrees from vertical. The primary objective is to accelerate production from the oil reservoirs that produce from CHK 1176, and after 5 days of production testing, CHK 1180 has been completed at 165 barrels of oil per day.

CHK 1180 is the fourth well to be completed as an oil producer in Myanmar in 2014.


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