22 December 2004, Singapore
INTERRA RESOURCES LIMITED
Company Registration No. 197300166Z
SGX ANNOUNCEMENT
Counter Name: Interra Res (Code: 5GI)
26 March 2015
MYANMAR DRILLING UPDATE: DRILLING COMMENCEMENT OF
CHAUK DEVELOPMENT WELL CHK 1196
Interra Resources Limited (the "Company" or "Interra") wishes to inform shareholders that its jointly controlled entity, Goldpetrol Joint Operating Company Inc . ("Goldpetrol"), has commenced drilling development well CHK 1196 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. CHK
1196 is being drilled using Goldpetrol's ZJ 450 rig, thus drilling costs are expected to be relatively low. Interra's share of the cost of drilling is funded from existing funds on hand.
CHK 1196 is to be drilled to a targeted depth of 2,950 feet in the Chauk South- Central fault block as an up-dip offset development well to producing well CHK 1185 and CHK 1192, both of which were completed as oil producers in 2014 with rates in excess of 70 barrels of oil per day. The objective is to accelerate oil production from the reservoirs that produce from these wells and from other older wells in this fault block.
Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.
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