Interra Resources Limited reports that its joint venture entity, Goldpetrol Joint Operating Company Inc. has completed development well CHK 1205 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 1205 was drilled using Goldpetrol’s ZJ 450 rig, thus drilling costs were relatively low. Interra’s share of the cost of drilling was funded from existing funds on hand.

CHK 1205 was drilled to a measured depth of 3,504 feet in the Chauk North Fault Block as an offset development well to CHK 1203 which was completed as an oil producer in September 2017. The primary objective is to accelerate production from the oil reservoirs in this fault block.

CHK 1205 is the first well to be drilled in Myanmar in 2018 and following production testing, the well has been completed for 53 barrels of oil per day through casing perforations over 57 feet covering seven reservoirs.