Interra Resources

Interra Resources: +6.5% at $0.33, among the top-volume stocks, after saying late Wedy its 60%-owned JV Goldpetrol began drilling a well at Myanmar's Yenangyaung oil field. Interra noted costs are relatively low as it is using Goldpetrol's rig.

While co cautions on the uncertainty of whether the drilling will yield commercially recoverable hydrocarbons or profitable production, it also notes a total of eight wells on the same fault block currently produce oil. Expect drilling results in about four wks. Prospects have been bright as its exploration efforts have started yielding production, with its FY11 net profit up 420% on-year after a 19% on-year shareable production increase. But further upside for the stock may be limited as it has already surged 240% year-to-date amid players' infatuation with all things Myanmar. Its 52-ek high of $0.375 appears unlikely to be retested near-term.