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 1188 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. Since the well was drilled using Goldpetrol’s LTO 350 rig, costs were comparatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.
CHK 1188 was drilled to a targeted depth of 2,705 feet in the Chauk South fault block as a south offset to producing well CHK 1157. The primary objective is to produce oil from reservoirs in this fault block which have not been drained by current existing wells. CHK 1188 has been completed through casing perforations over 10 reservoirs totalling 70 feet for 170 barrels of oil per day.
CHK 1188 is the twelfth well drilled in the Chauk oil field and nineteenth in Myanmar in 2014.
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