Goldpetrol JOC has likely completed appraisal well Shwezettaw 1 in the Chauk field, located onshore in the IOR-2 block, in the Central Burma Basin, around mid-January 2020, with results unreported. Purpose of the well was to assess the far north Chauk structure, close to the block boundary. The well was drilled directionally with highest inclination of 40 degrees, using Goldpetrol's "ZJ 450". According to shareholder Interra Resources, the rig has been subsequently utilized to spud an infill development well (CHK 1220) in the South Central part of the field, on or around 20 January 2020.  Shwezettaw 1 had a planned total depth of around 1,524 m (5,000 ft), likely targeting multiple reservoirs with the deepest objective at the Lower-Middle Oligocene Shwezetaw (Shwesettaw) Formation, a proven reservoir that is productive in nearby fields to the north but not in the Chauk field. Drilling operations were estimated to last approximately six weeks.  Interra, on behalf of the operator, announced drilling commencement of Shwezettaw 1 on 5 December 2019.  The IOR-2 contract covering the Chauk field is operated by the Goldpetrol JOC, which is in turn owned for 60% by Goldwater Company (a 100% owned subsidiary of Singapore-based Interra Resources) and by China ZhenHua Oil Co Ltd for the remaining 40%.  Chauk and Lanywa are the main fields in the block and were producing approximately 1,500 bo/d as of December 2019.  Background Information  The Chauk field was discovered around 1901 and its northern extension Lanywa was discovered in 1919. The structures are separated only by a slight saddle underneath the Irrawaddy River. Production from the Chauk structure started in 1902 and the Lanywa structure came onstream in 1921. There are 12 named productive sand zones comprising a total of 35 separate reservoir sands in the field.  On 4 October 1996, Goldwater was awarded a contract for improving field production under Improved Oil Recovery (IOR) terms for the Chauk field in permit IOR-2 (1,100 sq km). The contract has an initial six-month study period (until May 1997) followed by a three-year term during which new development work had to be undertaken. The company will be allowed to operate the field for a 20-year period, until May 2017. Goldwater also commenced operations on the Yenangyaung field in permit MOGE-1, under IOR terms on 16 June 1997.  In mid-2001, Goldwater reached the conclusion that to increase incremental production from the Chauk and Yenangyaung fields it was not enough to rehabilitate/perforate existing wells and that new wells need to be drilled. The proposed drilling programme included exploration, development, infill and deepening of existing wells. PTDs for the proposed wells in both fields are approximately 2,100m. The Indonesian firm had identified seven drillable prospects within the block and hoped to drill up to six wells (development and exploration) per year.  In January 2003 Singaporean firm Van der Horst Ltd announced a reverse takeover in which it paid US$ 17 million to bring Goldwater Company Ltd into its fold. The deal, which Van der Horst financed through the issue of 600 million new shares at S$ 0.05 per share, gave Goldwater a 68% stake in former construction company Van der Horst. At the time Goldwater owned 100% equity in the MOGE-l and IOR-2 improved oil recovery contracts in the Minbu Sub-basin, in the Central Irrawaddy Valley.  Geopetrol Singu Inc., a subsidiary of Geopetrol SA of France, also acquired a 40% stake in Goldwater's two fields, Yenangyaung and Chauk, in January 2003 and formed the Goldpetrol Joint Operation Co. Inc. The deal was valued at a total of US$ 10 million, in the form of a cash consideration of US$ 4 million, plus a non-cash portion of US$ 6 million in the form of expertise to be provided by Geopetrol over the duration of the contracts. Geopetrol is a French registered, private integrated oil and gas E&P company, which was spun-off from the Geoservices mudlogging company in 1993. Goldpetrol Joint Operating Company (JOC), Daewoo, Petronas Carigali and PTTEP are the most active developer in Myanmar for 2013.
Shwezettaw 1 nfw (Goldpetrol 100%) N. part of Chauk field area in IOR-2 block, ops terminated, results n/a, PTD was ca. 1,500m, target L-M Oligocene Shwezetaw fm.