Interra: Production in Linda Sele TAC up 10%

By Romel S. Gurky

SGX-listed Interra Resources Ltd reported production at its Linda Sele TAC, West Papua in the first quarter of 2017 (Q1) was 10,019 barrels of oil, an increase of 10 percent as compared to the previous quarter of 9,082 barrels of oil. There were three upliftings of approximately 9,772 barrels of oil during the quarter.

The company said in a statement Friday that production and development expenditures for the period were US$301,092 and nil respectively.

The company said geological, geophysical and reservoir studies continued with respect to evaluating future potential for new development wells, new perforations in existing wells, etc. pending favorable future economic conditions. ?No new wells were drilled in Q1 2017,? it said.

Field operations with respect to production optimization and scheduled maintenance aimed at maximizing efficient production continued and the positive effects can be seen as noted above by the production increases.

The company owns a 53 percent participating interest in Linda Sele TAC

Elsewhere, Interra said the Tanjung Miring Timur Technical Assistance Contract (TMT TAC) in South Sumatra expired on December 16, 2016. Interra said it has been negotiating with and has submitted a proposal to PT Pertamina EP seeking a twelve month temporary extension while negotiations proceed to arrive at a more permanent solution.

Editing by Reiner Simanjuntak