Singapore-based oil and gas exploration company Interra Resources Ltd said its jointly controlled entity, Goldpetrol Joint Operating Company Inc, has started drilling development well YNG3267 in the Yenangyaung oil field in Myanmar.
YNG 3267 is drilled as an up-dip offset to three oil producers which have been completed over the previous six months at rates as high as 176 barrels of oil per day, Interra sad.
The company said the targeted depth is 4,000 feet with the primary objective of accelerating production from the oil reservoirs that produce from wells in this fault block.
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.
YNG3267 is being drilled using Goldpetrol’s ZJ 450 rig, thus drilling costs are expected to be relatively low, Interra said, and its share of the cost of drilling is funded from existing funds on hand.
Interra estimates that the results of the drilling and completion should be available in approximately six weeks.