Interra completes drilling at TMT-57 development well

By Ruli Setiawan

SGX-listed Interra Resources Limited announced on Wednesday that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has completed the drilling of the TMT-57 development well at the Tanjung Miring Timur (TMT) field in South Sumatra as a significant oil producer.

GTMT has 100 percent operating interest in the Technical Assistance Contract of the TMT field and the cost of drilling was funded from existing funds on hand.

TMT-57 was drilled as an infill development well between current producing oil wells with the primary objective of accelerating production from undrained portions of oil reservoirs which produce in surrounding wells.

TMT-57 was drilled to a depth of 1,168 meters and is the second of four development wells to be drilled back-to-back using an externally contracted rig. It is a continuation of drilling in-field wells to test new geologic and reservoir concepts derived from the 2012 3D seismic survey, the firm said in a statement.

Following perforations covering three deep reservoirs, the well flowed naturally at relatively high rates. Unexpected pressures were encountered indicating potential new reservoirs. After four days of testing to determine optimum natural flow rates, while maintaining formation pressure and reducing possible water influx, TMT-57 was completed as a significant oil producer at a stable 650 barrels of oil per day, the firm said.

In a separate statement, Interra announced that GTMT has commenced drilling the TMT-58 development well in the same field.

TMT-58 is being drilled as a southern offset to TMT-53 which was completed in April 2013 and has produced in excess of 170,000 barrels to date. The well is proposed to be drilled to a target depth of 1,250 meters, along the same geological trend as TMT-53 and is planned to intercept at the same producing reservoirs. TMT-58 is the third of four development wells to be drilled back-to-back using an externally contracted rig. The well is a continuation of the successful drilling program that began in October 2012 to test new geological and reservoir concepts derived from the 2012 3D seismic survey.

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

Editing by Johannes Simbolon