Interra Resources Limited (the Company or Interra) announced Thursday that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has commenced drilling development well TMT-57 at the Tanjung Miring Timur (TMT) field in South Sumatra, Indonesia. GTMT has 100 percent operating interest in the Technical Assistance Contract of the TMT field and the cost of drilling will be funded from existing funds on hand.
TMT-57 is drilled as an infill development well between current producing oil wells and is the second of four development wells to be drilled back-to-back using an externally contracted rig. The well is to be drilled to a proposed depth of 4,101 feet (1,250 meters) with the primary objective of accelerating production from undrained portions of oil reservoirs which produce in surrounding wells. TMT-57 is a continuation of the successful drilling program which began in October 2012 to test new geologic and reservoir concepts derived from the 2012 3D seismic survey with respect to the several sandstone reservoirs of the Talang Akar Formation and the limestone reservoirs of the Batu Raja Formation.
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.
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