Interra Resources Limited (the Company or Interra) reported Friday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc.(Goldpetrol), has commenced drilling development well CHK 1195 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 1195 is being drilled using hired ZJ 750 rig to a total measured depth of 2,650 feet. Though drilling has commenced in December, CHK 1195 is the first well to be drilled in the approved 2015 budget. Interra’s share of the cost of drilling is funded from existing funds on hand.
CHK 1195 will be the seventh well drilled by Goldpetrol in a continuation of the successful development program of directional drilling under the Ayeyarwaddy River from the east bank in northern Chauk field and will attain a high angle of deviation reaching an expected maximum of 56 degrees. The well is drilled as an up-dip development well to CHK 1193 which was completed in September at 150 barrels of oil per day and will have the primary objective of accelerating production from the oil reservoirs that produce from this and other nearby wells.
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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