At the request of Goldpetrol, Schlumberger Logelco Inc. completed a Reservoir Characterization and Prospect Assessment Study of the Yenangyaung and Chauk Fields. The Study highlighted eight prospective areas within the existing contract areas that include both exploration prospects and leads and undeveloped areas (with tested hydrocarbons). The Study shows that the estimated Stock Tank Original Oil In Place ("STOOIP") for both the existing developed areas and the prospects and leads highlighted in the Study is much higher than the estimates made from a 1996 Initial Joint Study ("IJS"). The estimated Stock Tank Original Oil In Place ("STOOIP") indicated in the Study for the developed areas and the prospects and leads amounts to 3,639 million barrels compared to the previous estimate of 1,715 million barrels unrisked. STOOIP refers to the volume of oil present in the subsurface. Actual reserves produced would be considerably less than this volume if the prospects and leads are ultimately successfully developed.
The Study was completed in December 2005 and has since been reviewed by the geosciences department of the Goldpetrol. In conjunction with the review, Goldpetrol procured specialized reprocessing of almost 450 line kilometers of seismic data. This reprocessed data is subject to ongoing in house interpretation. The results of this interpretation to date, are consistent with and therefore support the principal results of the Schlumberger Study. Further analysis and interpretation are being conducted.
Interra is now working with its 40% partner in Goldpetrol, Geopetrol International Inc, on the best way to optimize the recent findings commercially.
Interra Resources Limited is a Singapore-listed company specializing in the upstream petroleum business. Our core focus is petroleum production, field development and low-risk exploration. We are positioning ourselves to be a leading regional producer of oil and gas. Since our listing on SGX Sesdaq in July 2003, we have grown from operating two oil fields in Myanmar to managing a portfolio of oil and gas interests and operations in five contract areas located in various parts of Myanmar and Indonesia.
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