Interra Resources Limited (the Company or Interra) disclosed Thursday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1188 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. Since CHK 1188 is drilled using Goldpetrol’s LTO 350 rig, costs are anticipated to be relatively low. Interra’s share of the cost of drilling is funded from existing funds on hand.
CHK 1188 is to be drilled to a targeted depth of 2,700 feet in the Chauk South fault block as an offset to producing well CHK 1157 which was originally completed as an oil producer in 2006. In March 2013, three untested reservoirs in CHK 1157 were brought on production following new casing perforations and these are the primary objective reservoirs of CHK 1188.
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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