22 December 2004, Singapore
INTERRA RESOURCES LIMITED
Company Registration No. 197300166Z
SGX ANNOUNCEMENT
SGX Code: Interra Res (5GI)
23 December 2014
MYANMAR DRILLING UPDATE: CHAUK DEVELOPMENT WELL CHK 1195
COMPLETED AS A SIGNIFICANT OIL PRODUCER
Interra Resources Limited (the "Company" or "Interra") wishes to inform shareholders that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. ("Goldpetrol"), has completed development well CHK 1195 in the Chauk oil field in Myanmar as a significant 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
1195 was drilled as a deviated well using hired ZJ 750 rig to a measured depth of
2,800 feet. Interra's share of the cost of drilling was funded from existing funds on
hand.
CHK 1195 is the seventh well drilled by Goldpetrol in a continuation of the successful development programme of directional drilling under the Ayeyarwaddy River from the east bank in northern Chauk field. The well was drilled as an up-dip development well to CHK 1193 which was completed in September 2014 at 150 barrels of oil per day, and will have the primary objective of accelerating production from the oil reservoirs that produce from this and other nearby wells.
Following four days of production testing, CHK 1195 has been completed through casing perforations over 72 feet covering six reservoirs for 228 barrels of oil per day. This rate is currently the highest onshore single well oil production rate in the country.
As previously announced, CHK 1195 is the first well to be drilled in Myanmar under the 2015 drilling campaign even though drilling and completion was in December
2014.
By Order of the Board of Directors of
INTERRA RESOURCES LIMITED
Marcel Tjia
Chief Executive Officer
About Interra
Interra Resources Limited, a Singapore-incorporated company listed on SGX Mainboard, is engaged in the business of oil and gas exploration and production (E&P). Our E&P activities include oil and gas production, field development and exploration. We are positioning ourselves to become a leading regional independent producer of oil and gas.
Interra Resources Limited 1 Grange Road #05-04 Orchard Building Singapore 239693 Tel (65) 6732 1711 Fax (65) 6738 1170 www.interraresources.com