Interra Resources Limited (the Company or “Interra) revealed Thursday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well YNG 3264 in the Yenangyaung oil field in Myanmar.
Interra has a 60 percent interest in the Improved Petroleum Recovery Contract of the Yenangyaung field and also owns 60 percent of Goldpetrol which is the operator of the field. YNG 3264 is being drilled using hired rig ZJ 750.
Interra’s share of the cost of drilling is being funded from existing funds on hand. YNG 3264 is proposed to be drilled to a target depth of 4,100 feet as an up-dip offset to YNG 3555 and YNG 3259, both of which were completed as oil producers in 2013.
The primary objective is to accelerate production from the oil reservoirs that produce in this fault block. 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.