Interra Completes Drilling at CHK 1171 Well in Chauk Oil Field
Interra Resources Limited (the Company or Interra) announced that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed drilling development well CHK 1171 in the Chauk oil field in Myanmar as an oil producer.
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. Since the well was drilled using Goldpetrol’s ZJ 450 rig, costs were comparatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.
CHK 1171 was drilled to a total depth of 3,200 feet as an infill development well to producing oil wells CHK 1166 and CHK 1170, with the primary objective of accelerating production from reservoirs that produce in this fault block.
Following four days of production testing, CHK 1171 has been completed through casing perforations over eleven reservoirs at 125 barrels of oil per day. CHK 1171 is the fourth well to be completed in this fault block in 2013. Several prospective shallower reservoirs will be tested later in this well or by a shallow offset well.
CHK 1171 marks the fourteenth well to be completed as an oil producer in Myanmar in 2013.
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