Interra Resources Limited wishes to inform shareholders that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well CHK 1176 in the Chauk oil field in Myanmar as an oil producer.
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 1176 was drilled as a deviated well employing a hired rig to a measured depth of 3,721 feet. Interra’s share of the cost of drilling was funded from existing funds on hand.
CHK 1176 is arguably the most technically challenging well ever drilled by Goldpetrol. The well was drilled under the Ayeyarwaddy River from the east bank employing state of the art directional drilling techniques. Several additional reservoir targets were encountered along the deviated well bore.