Interra Resources Limited disclosed that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well CHK 1196 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.
CHK 1196 was drilled using Goldpetrol’s ZJ 450 rig, thus drilling costs were relatively low. Interra’s share of the cost of drilling was funded from existing funds on hand. CHK 1196 was drilled to a total depth of 2,900 feet in the Chauk South-Central fault block as an up-dip offset development well to producing wells CHK 1185 and CHK 1192, both of which were completed as oil producers in 2014.
Following four days of production testing, CHK 1196 has been completed through casing perforations over 76 feet covering nine reservoirs for 30 barrels of oil per day. The primary objective is to accelerate production from the oil reservoirs in this fault block that produce in offset wells.