Interra reports lower Q3 output from Linda Sele TAC
Saturday, November 11 2017 - 02:48 AM WIB
SGX-listed Interra Resources Ltd said that shareable production in the third quarter of this year (Q3 2017) at its Linda Sele Technical Assistance Contract (TAC) in Indonesia?s West Papua Province was 7,370 barrels of oil, a decrease of 23 percent as compared to the previous quarter of 9,593 barrels of oil.
The company said in a statement on Friday there were three upliftings of approximately 5,439 barrels of oil during the quarter. Production and development expenditures for the period were US$242,668 and nil respectively.
In August, Interra reported that production in the second quarter declined by 4 percent to 9,593 barrels compared to the previous quarter of 10,019 barrels of oil.
Elsewhere, Interra said in the statement that no new wells were drilled in Q3 2017. Geological, geophysical and reservoir studies continued with respect to evaluating potential for possible future development wells, new perforations in existing wells, etc. Field operations with regard to production optimization and scheduled maintenance aimed at maximizing efficient production were ongoing.
Interra owns a 53.99 percent effective interest in the Linda Sele 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 TAC covers an area of approximately 19 square kilometers in the Salawati Basin and is situated about 60 kilometers south of Sorong.
Editing by Reiner Simanjuntak