Interra Resources JV completes development well in Myanmar

PETROLEUM exploration and production firm Interra Resources said on Tuesday that its joint-venture entity, Goldpetrol Joint Operating Company, has completed development well CHK 1220 in the Chauk oil field in Myanmar as an oil producer.

Interra has a 60 per cent interest in the Improved Petroleum Recovery Contract of the Chauk field and also owns 60 per cent of Goldpetrol, which is the operator of the field.

CHK 1220 was drilled using Goldpetrol's ZJ 450 rig, thus drilling costs were relatively low, Interra said. Interra's share of the cost of drilling was funded from existing funds on hand.

Interra said: "CHK 1220 was drilled to a total depth of 3,005 feet in the Chauk South Central fault block as an infill development well between four current oil producers. The primary objective of CHK 1220 is to accelerate production from the multiple oil reservoirs that produce in this fault block. Following production testing, CHK 1220 has been completed through casing perforations over 10 reservoirs totalling 54 feet for 11 barrels of oil per day."

Shares in watch-listed Interra Resources fell 0.3 Singapore cent or 3.95 per cent to S$0.073 on Tuesday.