Interra Resources Limited (the Company or Interra) announced Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1181 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 1181 is being drilled using Goldpetrol’s LTO 350 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.
CHK 1181 is to be drilled to a targeted depth of 2,600 feet as an infill development well to CHK 1170 and CHK 1171, both of which were completed as good oil producers in mid 2013. CHK 1181 will be the seventh well to be drilled in this fault block over the last two years, all with very good oil production rates. The primary objective is to accelerate production from the oil reservoirs that produce from the wells in this fault block.
In a related development, Goldpetrol has commenced drilling development well CHK 1183 in the Chauk oil field.
CHK 1183 is being drilled using hired ZJ 750 rig to a targeted depth of 3,700 feet. Interra’s share of the cost of drilling is funded from existing funds on hand.
CHK 1183 is drilled in the North-Central fault block of the Chauk field in an up-dip position with the primary objective of accelerating production from undrained portions of the oil reservoirs that have produced from wells in this fault block.
Interra estimates that the results of the drilling and completion of both wells 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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