Interra has a 60% interest in the Improved Petroleum Recovery Contract of the Chauk field and also owns 60% of Goldpetrol which is the operator of the field
Interra Resources Limited (the “Company” or “Interra”) wishes to inform shareholders that its joint venture entity, Goldpetrol Joint Operating Company Inc. (“Goldpetrol”), has commenced drilling appraisal well L 145 in the Chauk oil field in Myanmar.
Interra has a 60% interest in the Improved Petroleum Recovery Contract of the Chauk field and also owns 60% of Goldpetrol which is the operator of the field. L 145 is being drilled using Goldpetrol’s ZJ 450 rig, thus drilling costs are expected to be relatively low. Interra’s share of the cost of drilling is funded from existing funds on hand.
L 145 is classified as an appraisal well in that it will be the northern-most well drilled by Goldpetrol on the Chauk structure. The well will be drilled to a total measured depth of 3,650 feet and is expected to penetrate the primary northern Chauk productive reservoirs.
L 145 is the seventh well to commence drilling in Myanmar in 2019, and Interra estimates that the drilling and completion results should be available within 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.
Source: Company Press Release