Development well drilling in Linda Sele field started

By Ruli Setiawan

SGX-listed Interra Resources Limited said that its wholly owned subsidiary, Goldwater LS Pte. Ltd. (GLS), has commenced drilling development well SLE S2 at the Linda Sele fields onshore West Papua, Indonesia.

GLS has 100 percent participating interest in the LS Technical Assistance Contract (TAC) and is the operator of the fields.

SLE S2 is the second well to be drilled in LS and the first in the Sele field portion of the TAC since the completion of 3D seismic data acquisition and interpretation over the blocks. SLE S2 is being drilled using an externally contracted rig.

SLE S2 is being drilled as a north offset to producing well SLE S1 which was completed in 1975 and has produced in excess of 400,000 barrels of oil. The proposed depth is 725 meters and the primary objectives are the reservoirs of the Kais Formation with secondary objectives being several shallower reservoirs.

Detailed interpretation of the 3D seismic data has allowed for a much clearer understanding of the LS carbonate reef complex and consequently several additional highly prospective locations have been delineated.

Interra estimates that the results of the drilling should be available in approximately eight 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.

The Company wishes to advise that investors should exercise due care and caution when trading Interra?s shares. It is not certain that the development drilling mentioned above will ultimately yield commercially recoverable hydrocarbons or profitable production.

Editing by Benget Besalicto Tnb.