Interra Resources Limited (the Company or Interra) reported Friday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well YNG 3268 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. YNG 3268 was completed using hired ZJ 750 rig and Interra’s share of the cost of drilling was funded from existing funds on hand.
YNG 3268 was drilled as an offset to three wells which were completed over the previous twelve months as very good oil producers. YNG 3268 was drilled to a depth of 4,260 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, YNG 3268 has been completed through casing perforations over 70 feet covering nine reservoirs at a stabilized rate of 105 barrels of oil per day. This marks the eleventh well to be completed as an oil producer in Myanmar in 2014.
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