Interra Commences Drilling at CHK 1177 Well in Myanmar's Chauk Oil Field
Interra Resources Limited (the Company or Interra) announced Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1177 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 1177 is being drilled by using Goldpetrol’s ZJ 450 rig, thus drilling costs are expected to be relatively low. Interra’s share of the cost of drilling will be funded from existing funds on hand.
CHK 1177 will be drilled to a targeted depth of 3,300 feet as an infill development well and a southern offset to CHK 1171, which was completed as an oil producer in August 2013 at an initial rate of 125 barrels of oil per day. The primary objective is to accelerate production from the oil reservoirs that produce from the wells in this fault block.
Following a very successful year with respect to Myanmar drilling results, CHK 1177 is the first well to be drilled as part of the 2014 Myanmar drilling campaign. Goldpetrol will continue to use three drilling rigs similtaneously in its drilling campaign.
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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