SINGAPORE (Aug 29): Interra Resources says its jointly-controlled entity, Goldpetrol Joint Operating Company, has commenced drilling for development well CHK 1203 at its oil field in Chauk, Myanmar.

Interra holds 60% of the rights and interests of the oil field in Chauk under an Improved Petroleum Recovery Contract (IRPC), and also owns 60% of Goldpetrol, which is the operator of the field.

CHK 1203 is the third well to be drilled in Myanmar this year, and will be drilled to a proposed depth of 3,650 feet as an offset development well between CHK 1166, which completed as an oil producer in 2013, as well as an older producing well, CHK 1114.

In a press release on Tuesday, the group says that by commencing this drilling this project, it aims to accelerate production from the Singu North fault block which the field is located on the east flank of.

It intends to target the same productive reservoirs at approximately equivalent positions as its previously completed oil producers, including CHK 1166 and CHK 1114.  

According to Interra, the results of the drilling and completion should be available in approximately six weeks. The group adds that it will announce the results of the drilling operation or relevant updates as soon as they are ascertained.

Shares of Interra closed 7% higher at 6.1 cents on Tuesday.