Interra reported that its jointly controlled entity, Goldpetrol, has commenced drilling infill development well YNG 3238 in the Yenangyaung Field in central Myanmar.
Interra has a 60% interest in the Improved Petroleum Recovery Contract of the Yenangyaung Field and also owns 60% of Goldpetrol which is the operator of the field.
Well YNG 3238 will be drilled using Goldpetrol's Cooper LTO 350 rig in the northern area of the field. Interra's share of the cost of drilling will be funded from existing funds on hand.
The proposed well is intended to be drilled to a targeted depth of approximately 1300 feet as a direct offset to the YNG 3208 re-opened well, which has been producing for approximately 1.5 years and has a current stable production of 110 barrels oil per day. The primary objective of the new well is to accelerate production from Well YNG 3208 drainage area and the addition of new fetch area for oil production from the current productive zones.
Interra estimates that the results of the drilling should be available in approximately four weeks' time. The Company will announce the results of the drilling operation as soon as they may be ascertained. Additional updates reflecting critical or unexpected events during drilling will also be announced.
The Company wishes to advise that investors should exercise due care and caution when trading Interra's shares. It is not certain that the development drilling mentioned above will ultimately yield commercially recoverable hydrocarbons or profitable production.
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