22 December 2004, Singapore
INTERRA RESOURCES LIMITED
Company Registration No. 197300166Z
SGX ANNOUNCEMENT
Counter Name: Interra Res (Code: 5GI)
1 February 2016
MYANMAR DRILLING UPDATE: YENANGYAUNG WELL YNG 3270
Interra Resources Limited (the "Company" or "Interra") wishes to inform shareholders that its joint venture entity, Goldpetrol Joint Operating Company Inc. ("Goldpetrol"), has completed drilling development well YNG 3270 in the Yenangyaung oil field in Myanmar and the well has been temporarily shut-in (TSI) pending further action with respect to reservoir stimulation.
Interra has a 60% interest in the Improved Petroleum Recovery Contract of the Yenangyaung field and also owns 60% of Goldpetrol which is the operator of the field. YNG 3270 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.
YNG 3270 was drilled to a total depth of 4,140 feet as an up-dip offset to several pre- war wells that were still producing at the onset of the war from several reservoirs before the boreholes were effectively rendered unusable by the retreating allied forces. Drilling shows and the analysis of wireline logs indicated the presence of hydrocarbons in the targeted reservoirs.
Further technical analysis will be undertaken with respect to the best course of action to achieve hydrocarbon influx, whether through hydraulic fracturing or other stimulation methods. Interra will announce the results of possible additional work with respect to the above once these are known.
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 petroleum exploration and production (E&P). Our E&P activities include petroleum production, field development and exploration. We are positioning ourselves to become a leading regional independent producer of petroleum.
Interra Resources Limited 1 Grange Road #05-04 Orchard Building Singapore 239693 Tel (65) 6732 1711 Fax (65) 6738 1170 www.interraresources.com