Interra Resources Limited (the Company or Interra) revealed Thursday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1187 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 1187 is being drilled using Goldpetrol’s LTO 350 rig, thus costs are anticipated to be relatively low. Interra’s share of the cost of drilling is funded from existing funds on hand.
CHK 1187 is to be drilled to a targeted depth of 2,750 feet in the Chauk South Central fault block as an offset to wells CHK 1167 and CHK 1169, both of which were completed as oil producers in 2013. The primary objective will be to accelerate production from reservoirs that currently produce oil from these and other wells in the 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.
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