Interra reports production drop at Tanjung Miring Timur TAC
Saturday, August 16 2014 - 04:14 AM WIB
SGX-listed Interra Resources Ltd reported that gross production at its Tanjung Miring Timur TAC (TMT TAC) in South Sumatra during the second quarter of this year decreased significantly to 62,218 barrels from 109,490 barrels in the same quarter of last year.
?This was largely due to the bad weather which hindered the servicing and maintenance of existing wells,? the company said in an unaudited second quarter 2014 financial report seen Saturday.
?However, with better weather, maintenance improved and as a result, production levels are expected to improve over the next six months,? it added.
Interra?s wholly owned unit Goldwater TMT Pte. Ltd has 100 percent in the TAC of the TMT field.
Elsewhere, the company said that the Kuala Pambuang PSC (KP PSC) will commence 2D seismic acquisition in the third quarter of 2014 once all approvals have been obtained from local authorities. ?No significant contribution is expected from this field in the near term,? it said.
The company owns a 49 percent participating interest in Kuala Pambuang block, onshore Central Kalimantan. The KP PSC spans an area of approximately 8,150 square kilometers and is located around 180 kilometers southwest of Palangkaraya.
Editing by Reiner Simanjuntak