Interra Resources Limited wishes to inform shareholders that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. ('Goldpetrol'), has commenced drilling development well CHK 1175 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. CHK 1175 will be drilled to a targeted depth of 5,600 feet using Goldpetrol's ZJ 750 rig Interra's share of the cost of drilling will be funded from existing funds on hand.
CHK 1175 will be the first well drilled in the South Moolla fault block since 2002 where only four wells have been drilled, and will be an up-dip offset to CHK 1153 which is the only supra-thrust producing oil well in the block. The primary objective is to accelerate production from the supra-thrust oil reservoirs that produce in CHK 1153 and success will possibly set up additional offset locations.