Interra Resources Limited (the Company or Interra) reported Thursday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well YNG 3269 in the Yenangyaung oil field in Myanmar.
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. YNG 3269 is being drilled using hired ZJ 750 rig. Interra’s share of the cost of drilling is funded from existing funds on hand.
YNG 3269 is drilled in South-Central Yenangyaung field as an infill well to five relatively new wells which have been completed as oil producers since July 2013. YNG 3269 will be drilled to a targeted depth of 4,200 feet with the primary objective of accelerating 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.
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