Interra says drilling in TMT field started

By Puspita Maylana Devi

SGX-listed Interra Resources Limited said that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), had commenced drilling of development well TMT-54 at the Tanjung Miring Timur (TMT) field in South Sumatra.

GTMT has 100 percent working interest in the Technical Assistance Contract of the TMT field and TMT-54 will be drilled using an externally contracted rig, the company said in a press statement on Wednesday.

TMT-54 is the third well to have commenced drilling since GTMT resumed active drilling operations in the field following 3D seismic acquisition and interpretation, and will be drilled in the southeast fringe of the field.

TMT-54 is aimed at producing oil from the Batu Raja and Talang Akar formations. If successful, this will be the southern-most producing well in this portion of the field.

TMT-54 is being drilled to an approximate depth of 1,250 meters. The objective is to establish production in this southern area from the several sandstone reservoirs of the Talang Akar as well as the Batu Raja limestone, which if successful would set-up additional technically similar development well locations.

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.

The company wishes to advise that investors should exercise due care and caution when trading Interra?s shares. It is not certain that the development drilling mentioned above will ultimately yield commercially recoverable hydrocarbons or profitable production.

Editing by Benget Besalicto Tnb.