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Interra Completes Drilling CHK 1182 Well in Chauk Oil Field in Myanmar

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

CHK 1182 is the fourth well completed in the new successful development program of directional drilling under the Ayeyarwaddy River in northern Chauk field. The primary objective is to accelerate production from these oil reservoirs and after 5 days of production testing, CHK 1182 has been completed through casing perforations over 71 feet covering nine reservoirs for 135 barrels of oil per day.

CHK 1182 is the sixth well to be completed as an oil producer in Myanmar in 2014.

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