Interra Resources Limited (the Company or Interra) disclosed Monday that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has commenced drilling development well TMT-59 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 is funded from existing funds on hand.
TMT-59 is being drilled in the east central portion of the field to a proposed depth of 4,101 feet (1,250 meters). It is the fourth and final development well to be drilled in the 2013 drilling program using an externally contracted rig. Significant delays have been encountered due to severe surface conditions caused by flooding which has made heavy equipment movement extremely difficult. 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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