Interra Resources Limited (the Company or Interra) revealed Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well L 140 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. L 140 was drilled using hired ZJ 750 rig to a total measured depth of 3,650 feet and Interra’s share of the cost of drilling was funded from existing funds on hand.
L 140 is the sixth and most technically challenging directional development well drilled under the Ayeyarwaddy River and the first to be drilled from the west bank. The primary objective is to accelerate production from the oil reservoirs that produce in this portion of the northern Chauk oil field, and after four days of production testing L 140 has been completed through casing perforations over 24 feet covering five reservoirs at an average of 74 barrels of oil per day.
L 140 is the fourteenth well drilled in the Chauk oil field and twenty-first in Myanmar in 2014.
Seperately, Goldpetrol has commenced drilling development well L 141 in the Chauk oil field. L 141 is being drilled using the ZJ 750 rig to a total measured depth 2,600 feet. Interra’s share of the cost of drilling is funded from existing funds on hand.
L 141 is the second directional well to be drilled from the west bank of the Ayeyarwaddy River but will be the first well drilled under the river to have shallower reservoirs as the primary target. It will be drilled in an up-dip position to several older producing wells and if successful could set-up several offset locations.
Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.