Interra Resources reports higher revenue in Q3

Singapore-based oil company Interra Resources Limited reported Saturday its revenue had improved significantly to S$4.496 million in the third quarter of 2004 from $872,000 in the same quarter last year, due mainly to the consolidation of operating results of its Indonesian subsidiary PT Retco Prima Energi.

Interra said in the third quarter Retco contributed 57,321 barrels of oil or 623 barrels of oil per day, which translated into revenue of S$3.1 million.

?The higher oil price also contributed to the increase in revenue,? Interra said, citing that average oil price jumped to US$40.42 per barrel compared to the same period last year of US$27.18.

Interra has established upstream petroleum operations in Myanmar and Indonesia.

Interra, through Retco, owns 70 percent of the rights to operate the Tanjung Miring Timur onshore oil field, located in South Sumatra, about 30 kilometers southeast of Prabumulih and approximately 120 kilometers southwest of Palembang.

According to Interra, drilling of the first well is underway in Tanjung Miring Timur. It is anticipated that three wells will be drilled by the end of the year. If the drilling results are promising, up to five more wells may be drilled in 2005. (Robert)