Interra?s unit starts drilling TMT-61 development well
Friday, October 3 2014 - 01:14 PM WIB
SGX-listed Interra Resources Limited announced on Friday that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has commenced drilling development well TMT-61 at the Tanjung Miring Timur (TMT) field in South Sumatra.
GTMT has a 100 percent working interest in the Technical Assistance Contract of the TMT field and the cost of drilling will be funded from existing funds on hand.
TMT-61 is the second of four development wells in the 2014 drilling program and is being drilled using an externally contracted rig. This is a continuation of the successful drilling programme which began in October 2012 to test new geologic and reservoir concepts derived from the 2012 3D seismic survey. TMT-61 location is a structural analogy to TMT-53 which was completed in April 2013 as an oil well in the Talang Akar Formation (TAF) and to date has produced greater than 225,000 barrels of oil. TMT-53 was drilled on the western TMT field bounding fault and TMT-61 will be drilled on the southern bounding fault.
TMT-61 will be drilled to a projected depth of 1,250 metres with the primary objective of testing the producing potential of the deeper TAF reservoirs with the secondary objectives being shallower reservoirs that produce in nearby wells.
Interra estimates that the results of the drilling should be available in approximately eight weeks. The Company will announce the results as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.
Editing by Johannes Simbolon