Interra Resources Limited (the Company or Interra) reported Wednesday that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has commenced drilling development well TMT-58 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-58 is being drilled as a southern offset to TMT-53 which was completed in April 2013 and has produced in excess of 170,000 barrels to date. The well is proposed to be drilled to a target depth of 4,101 feet (1,250 meters), along the same geological trend as TMT-53 and is planned to intercept at the same producing reservoirs. TMT-58 is the third of four development wells to be drilled back-to-back using an externally contracted rig. The well is a continuation of the successful drilling program that began in October 2012 to test new geological and reservoir concepts derived from the 2012 3D seismic survey.
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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