Interra reports lower Q2 oil output from Linda Sele TAC
Monday, August 14 2017 - 01:22 PM WIB
SGX-listed Interra Resources Ltd said that shareable oil production at its Linda Sele TAC, in Indonesia?s West Papua Province, in the second quarter of 2017 (Q2 2017) declined by 4 percent to 9,593 barrels compared to the previous quarter of 10,019 barrels of oil.
?There were three upliftings of approximately 8,960 barrels of oil during the quarter,? the company said in a statement last week.
The company said production and development expenditures for the period were US$334,044 and nil respectively.
?Technical studies continued with respect to reservoir properties, field production optimization, evaluating potential for drilling new development wells in the future, and additional perforations in existing wells. No new wells were drilled in Q2 2017. Field operations relating to efficient management and scheduled maintenance aimed at minimizing production decline were ongoing,? Interra said.
Interra owns a 53.99 percent effective interest in the Linda-Sele (LS) Technical Assistance Contract (TAC). The TAC with PT Pertamina EP, a subsidiary of Indonesia?s state-owned oil and gas firm PT Pertamina, commenced on November 16, 1998 for a term of 20 years. The LS TAC covers an area of approximately 19 square kilometers in the Salawati Basin and is situated about 60 kilometers south of Sorong. During 2016, the gross production of the onshore fields was 63,048 barrels of oil.
Editing by Reiner Simanjuntak