Interra Resources Limited (the Company or Interra) revealed Wednesday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well YNG 3266 in the Yenangyaung oil field in Myanmar as an oil producer.
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. Since YNG 3266 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.
YNG 3266 was drilled as a south offset to three wells which were completed over the previous eight months as oil producers. It was drilled to a depth of 4,245 feet with the primary objective of accelerating production from the oil reservoirs that produce from these and older wells in this fault block. Following production testing, the well has been completed through casing perforations over 43 feet in six reservoirs at a stabilized rate of 25 barrels of oil per day.
YNG 3266 is the fifth well to be completed as an oil producer in Myanmar in 2014.
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