Interra completes drilling of well in Myanmar's Yenangyaung field

2/2/2016

SINGAPORE -- Interra Resources Limited, and its JV entity Goldpetrol Joint Operating Company Inc., has completed drilling development well YNG 3270 in Yenangyaung oil field in Myanmar. 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 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, keeping drilling costs 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 ft, as an up-dip offset to several prewar wells that were still producing at the onset of the war from several reservoirs. Boreholes were then 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.

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