Interra starts drilling development well TMT-55
Monday, December 17 2012 - 11:53 PM WIB
SGX-listed Interra Resources Limited said that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has commenced the drilling of development well TMT-55 in the Tanjung Miring Timur field, South Sumatra province.
The GTMT has 100 percent working interest in the Technical Assistance Contract of the TMT field and TMT-55 will be drilled using an externally contracted rig, Interra said in a press statement on Monday.
TMT-55 is the second well to have been drilled since GTMT has resumed its drilling operations in the field over high quality prospects delineated from recently acquired and interpreted 3D seismic data.
The well is an infill development well in the south-central portion of the field and targets the Batu Raja and Talang Akar formations. It is north of TMT-36 which has cumulative production of greater than 270,000 barrels of oil and is currently producing 24 barrels of oil per day.
TMT-55 is being drilled to an approximate depth of 1,250 meters. The objective is to gain production from the several sandstones reservoirs of the Talang Akar as well as the Batu Raja limestone.
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 well drilling mentioned above will ultimately yield commercially recoverable hydrocarbons or profitable production.
Editing by Benget Besalicto Tnb.