Interra Resources provides update on Myanmar development well

Interra Resources Ltd.

Interra Resources Ltd. reports that its jointly controlled entity, Goldpetrol Joint Operating Co. Inc, 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 has been completed through casing perforation over 55 feet covering five reservoirs at 185 barrels of oil per day with (of significance) no water production. This indicates the presence of possible untapped reservoirs, which, following technical analysis of CHK 1176, may potentially lead to future directional drilling opportunities in prospective areas in the Chauk and Yenangyaung oil fields.

CHK 1176 marks the 22 well to be completed as an oil producer in Myanmar in 2013.


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