Interra Resources Limited (the Company or Interra) reported Tuesday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1191 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 1191 is being drilled using Goldpetrol’s ZJ 450 rig, thus drilling costs are expected to be relatively low. Interra’s share of the cost of drilling is funded from existing funds on hand.
CHK 1191 is drilled in the North-Central fault block of Chauk field in a slightly up-dip position to CHK 1183 which was completed in April as an oil producer. CHK 1191 is to be drilled to a proposed depth of 3,700 feet with the primary objective of accelerating production from the oil reservoirs that produce in CHK 1183 and other older 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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