Linda Sele TAC lifts Interra Resources Q3 revenues

Singapore-listed Interra Resources Ltd said it posted revenues of US$6.91 in the three months to September quarter, up 15 percent from previous quarter of $6 million and doubled from $3.4 million in third quarter 2010, mainly due to higher lifting of oil from its wholly-owned Linda Sele TAC field, onshore West Papua.

In the first nine months to September (9M11), the company posted revenues of US$17.67 million, up from $11.07 million in the same period last year.

The company said it sold 82,534 barrels of oil in the third quarter, up from 68,993 barrels of oil in second quarter 2011. ?This was mainly due to more frequent uplifting of oil by Linda Sele TAC during the quarter? the company said.

In the third quarter, the weighted average Sumatran Light Crude(SLC) oil price transacted was at US$115.44 per barrel, compared to $119.74 per barrel in Q2 2011. The weighted average Walio Mix oil price transacted was also lower at $111.55 per barrel compared to $113.39 per barrel in Q2, in line with lower world oil price.

Apart from Linda Sele TAC field, the company also owns 70 percent interest in Tanjung Miring Timur TAC field, Onshore South Sumatra.

In June Interra agreed to acquire 30% additional stake in Tanjung Miring interest from PT Retco Prima Energy. The company said the acquisition is still pending final approval from the relevant Indonesian government agencies. (roffie)