SINGAPORE, March 13 (UPI) -- Interra Resources Ltd. announced that it started drilling a development well in the Yenangyaung oil field in Myanmar.
The company said in a statement it expected drilling costs to be low at the development well designated YNG 3267.
"Interra estimates that the results of the drilling and completion should be available in approximately six weeks," it said Wednesday. "The company will announce the results as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling."
Interra, which has headquarters in Singapore, said in February it started production tests at Myanmar's Chauk oil field and listed the field as an oil producer.
Interra gave no indication of the reserve potential at either oil field but the U.S. Energy Information Administration said crude oil production in Myanmar is "minimal" though increasing. Myanmar is a net oil importer.
Human rights groups have expressed concern about the corporate interest in Myanmar given its human rights record. Sanctions on Myanmar eased when military rule ended in 2010, though rights groups say it was those sanctions that encouraged political reform.
