Interra updates Indonesian operation
Friday, February 27 2015 - 03:11 AM WIB
Development and Production Activities
Tanjung Miring Timur TAC (Interra 100%)
In Q4 2014, gross production was 70,069 barrels of oil, a decrease of 13% as compared to the previous quarter of 80,642 barrels of oil. The decrease was due primarily to natural field production decline while awaiting production from new wells and further work on existing wells.
Production and development expenditure for the period were US$2,290,475 (FY 2014: US$9,765,968) and US$3,415,505 (FY 2014: US$7,350,706) respectively.
Two development wells commenced drilling in Q4 2014. The first of these was tested in several reservoirs and is currently awaiting further reservoir stimulation. The second is awaiting initial completion testing. The wells were drilled using an externally contracted rig and is a continuation of the successful drilling programme which began in October 2012.
Regular surface and borehole enhancements combined with scheduled maintenance and the installation of new lifting and other production equipment continue with the goal of optimizing production from current producing wells. Production and reservoirs studies including the employment of more aggressive reservoir stimulation techniques continue both internally and by employing outside specialists is ongoing.
Linda Sele TAC, West Papua (Interra 58.38%)
In Q4 2014, gross production was 15,106 barrels of oil, a decrease of 17% as compared to the previous quarter of 18,283 barrels of oil. There were three uplifting of approximately 18,358 barrels of oil during the quarter. As at 31 December 2014, the Company still effectively holds 58.38% of Linda Sele TAC.
Production and development expenditure for the period were US$929,732 (FY 2014: US$2,837,974) and US$6,246 (FY 2014: US$202,502) respectively.
Production optimisation and scheduled maintenance continued during Q4 2014 as well as limited geology and reservoir studies. No new wells were drilled in the Linda Sele TAC
Exploration Activities
Indonesia: Kuala Pambuang PSC, Central Kalimantan (Interra 49%)
Approximately 75% of the 304 kilometre 2D seismic acquisition was completed in Q4 2014. Preliminary processing has been accomplished in the field and several areas of interest have already been identified. Acquisition of the remaining program and subsequent final processing will be done in Q1 2015. The combination of the 2D seismic interpretation, passive seismic (as announced in Q3 2014 "Exploration Activities") and geologic studies are expected to yield possible drillable prospects.
Exploration costs for the period and FY 2014 was US$1,194,219. (end of excerpt)