Interra completes acquisition of Tanjung Miring TAC interest

Singapore-listed Interra Resources Limited disclosed on 22 June 2011 that it acquired the remaining 30 percent participating interest in the Tanjung Miring Timur TAC through the company?s wholly-owned subsidiary, Goldwater TMT Pte. Ltd.

The company said that it has received the requisite approvals from relevant Indonesian regulatory authorities for the acquisition. The acquisition was successfully completed on 25 November 2011. Thus, Goldwwater effectively owns a 100 percent participating interest in the TMT TAC and assumes the role of sole operator of the TMT field.

With the latest acquisition, the Group now owns and operates two oil fields in Indonesia; namely, the Linda Sele TAC as well as the TMT TAC.

Prior to the deal, Interra owns a 70 percent interest in the TAC. The owner of the remaining 30 percent and operator of the field is PT Retco Prima Energi.

Tanjung Miring TAC is located in onshore South Sumatra. (romel)