Interra Resources Limited reports that its joint venture entity, Goldpetrol Joint Operating Company Inc. has commenced drilling development well CHK 1207 in the Chauk oil field in Myanmar.

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 1207 is being drilled using a hired ZJ 750 rig and Interra’s share of the cost of drilling is funded from existing funds on hand.

CHK 1207 will be drilled in the Chauk South Central Fault Block as an offset development well to current producing reference well CHK 1124. The surface location is on the east flank of the structure and will be drilled directionally to the west (as was CHK 1124) with the objective of enabling the well-bore to evaluate the twelve producing reservoirs in the block. The well is proposed to reach a total measured depth of 4,000 feet and a planned inclination of 23 degrees with the primary objective of accelerating production from the oil reservoirs that produce in this fault block.

CHK 1207 is second well to be drilled in Myanmar in 2018. Interra estimates that the drilling and completion results should be available in approximately six weeks. The Company will announce the results of the drilling operation as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.