Interra commences drilling at L 141 well in Myanmar's Chauk oil field

7/8/2014

Interra commences drilling at L 141 well in Myanmar's Chauk oil field

SINGAPORE -- Interra Resources Limited (Interra) informed shareholders that its jointly controlled entity, Goldpetrol Joint Operating Company Inc (Goldpetrol), has commenced drilling development well L 141 in the Chauk oil field in Myanmar.

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. L 141 is being drilled using hired ZJ 750 rig to a total measured depth 2,600 ft. Interra’s share of the cost of drilling is funded from existing funds on hand.

L 141 is the second directional well to be drilled from the west bank of the Ayeyarwaddy River but will be the first well drilled under the river to have shallower reservoirs as the primary target. It will be drilled in an up-dip position to several older producing wells and if successful could set-up several offset locations.

Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will issue the results as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.

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