Interra reports Q1 oil output from Sumatra, Papua TACs

The following is an edited excerpt from Singapore-listed firm Interra Resources Limited on Indonesian production activity, taken from quarterly report ended 31 March 2011 published on Thursday.

Tanjung Miring Timur TAC, Onshore South Sumatra (Interra 70%)
The approximately 40 square kilometers of 3D seismic survey over the field was successfully completed in Q1 2011 without any health, safety, or environmental issues. The processing of the data will begin soon, after which the data will be interpreted with respect to yielding a better understanding of the subsurface structural geometry and reservoir characteristics. As previously reported, new drillings have been postponed until after the completion of the 3D seismic data interpretation. The decline in oil production continues to be under technical review by both Interra and the operator.

In Q1 2011, gross production was 25,440 barrels of oil, a slight decrease of 1% as compared to the previous quarter. Production costs and development costs (include

3D seismic costs) for the period were US$685,059 and US$1,312,225 respectively.

Linda Sele TAC, onshore West Papua (Interra 100%)
Planning is underway for replacement or repair of surface and down-hole equipment at Linda and Sele fields with the near-term goal of increasing oil production from existing wells. Reservoir engineering and petrophysical studies are also ongoing.

In Q1 2011, gross production was 7,298 barrels of oil from 24 Jan 2011 (date of acquisition) to 31 Mar 2011. There was no uplifting during that period. Production costs for the period amounted to US$191,427. (end of excerpt)