Interra Resources Limited (the Company or Interra) disclosed Monday that its joint venture entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1199 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 1199 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 1199 is the sixth well to be drilled in Myanmar under the approved 2015 budget and is proposed to be drilled to a depth of 3,800 feet as an up-dip offset to CHK 1168, which was completed as an oil producer in April 2013. The primary objective is to accelerate production from the oil reservoirs that produce from CHK 1168 and produced from several older shut-in oil producers. Wireline logs of CHK 1168 have identified several additional reservoirs which are interpreted to be very prospective and are expected to be present in CHK 1199.
Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results of the drilling operation as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.
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