Interra owns 60% of Goldpetrol ,which has a 100% interest in two Improved Petroleum Recovery contracts with the Myanma Oil and Gas Enterprise ("MOGE") in respect of the Chauk and Yenangyaung oil fields in Myanmar. Goldpetrol is the operator of the fields.
CGP-05 was drilled as a vertical well with the primary objective of testing the UL3300 and U3700 sands along with several secondary targets. It is located on the interpreted south flank of the northern fault block where there was a gap in drilling. Both of the primary objectives tested small amounts of gas with traces of oil. This was interpreted as being within the "gas invaded zone" (gas from the up dip gas cap) and as being a depleted reservoir. Consequently, the formation was not productive. Several other shallower zones were unsuccessfully tested. The well has now been plugged and abandoned.
The well was drilled using Goldpetrol's Cooper LTO rig and operations were conducted jointly by Goldpetrol's staff and Myanma Oil and Gas Enterprise's staff seconded to Goldpetrol. The rig has been moved off location and will be used in field production maintenance and enhancement operations.
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