INTERRA RESOURCES : Burma Drilling Update – Development Well YNG3244…

08-Jun-2012 Intellasia | 4-traders | 7:01 AM Print This Post

Further to the “Delay in Completion of Yenangyaung Development Well YNG 3244″ announcement on 14 May 2012, Interra Resources Limited (the “Company” or “Interra”) would like to announce that infill development well YNG 3244 in the Yenangyaung oil field in Myanmar has now been completed as an oil producer by its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (“Goldpetrol”).

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. The well was drilled using Goldpetrol’s Cooper LTO 350 rig, and as such costs were comparatively low. Interra’s share of the drilling costs were funded from current cash assets.

YNG 3244 was drilled to a total depth of 3,150 feet as an up-dip offset to YNG 3241 which was completed in December 2011 as an oil producer in 3000FT sandstone reservoir. Based on electric wireline log analysis, the cased hole was perforated in five zones over the targeted 2500FT, 2850FT and 3000FT sandstone reservoirs. Following ten days of testing by pump, the production is currently 20 barrels of oil per day. Additionally, several shallower reservoirs exhibit oil character on the electric wireline logs which indicate oil saturation and may be tested at a later date. This is a continuation of the emphasis on drilling shallow to intermediate depth wells using Goldpetrol’s own rig to develop areas in producing reservoirs that are not currently drained by existing wells.

By Order of the Board of directors of INTERRA RESOURCES LIMITED Marcel Tjia

Chief Executive Officer

Interra Resources Limited 1 Grange Road #05-04 Orchard Building Singapore 239693 Tel (65) 6732 1711 Fax (65) 6738 1170 www.interraresources.com

Myanmar Drilling Update: Yenangyaung Development Well YNG 3244 Completed as an Oil Producer

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About Interra

Interra Resources Limited, a Singapore-incorporated company listed on the SGX Catalist, 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 through strategic alliances and partnerships. We are positioning ourselves to

become a leading regional independent producer of oil and gas.

For corporate enquiries, please contact:Marcel Tjia

Chief Executive Officer

mtjia@interraresources.com

For technical enquiries, please contact:Frank Hollinger

Chief Technical Officer

frank@interraresources.com

This announcement has been prepared by the Company and its contents have been reviewed by the Company’s sponsor (“Sponsor”), Canaccord Genuity Singapore Pte. Ltd (formerly known as Collins Stewart Pte. Limited), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (“SGX-ST”). Canaccord Genuity Singapore Pte. Ltd has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms Alice Ng, director, Corporate Finance, Canaccord

Genuity Singapore Pte. Ltd, at 77 Robinson Road #21-02 Singapore 068896, telephone (65)

6854 6160.

http://www.4-traders.com/INTERRA-RESOURCES-6811697/news/Interra-Resources-Myanmar-Drilling-Update-Development-Well-YNG3244-completed-as-an-Oil-Producer-14359077/

 


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