Interra Releases Details of its Myanmar, Indonesia Reserves and Resources

Interra Resources Limited (the Company), a Singapore-listed oil and gas exploration firm, reported Tuesday that it has commissioned an independent qualified person, Gaffney, Cline & Associates (GCA), to prepare Qualified Person’s Reports (QPRs) with respect to the reserves and resources of its various petroleum concessions in Myanmar and Indonesia.

The QPRs have been prepared in accordance with the requirements set out in paragraph 5 of Practice Note 6.3 to the Listing Manual of the Singapore Exchange Securities Trading Limited, and conform to the standards promulgated by the Petroleum Resources Management System (SPE-PRMS). Results of the QPRs are summarized in the table below and will be included in the annual report of the Company for the financial year ended Dec. 31, 2015.

Summary of Oil Reserves and Resources as at Dec. 31, 2015

Reserves (Oil)

  • Myanmar
    • 1P: Gross - 0.65 MMstb; Net - 0.39 MMstb; Change - Minus 67.8 percent
    • 2P: Gross - 0.84 MMstb; Net - 0.50 MMstb; Change - Minus 65.0 percent
    • 3P: Gross - 0.98 MMstb; Net - 0.59 MMstb; Change - Minus 65.7 percent
  • Indonesia
    • 1P: Gross - 0.35 MMstb; Net - 0.28 MMstb; Change - Minus 3.4 percent
    • 2P: Gross - 0.38 MMstb; Net - 0.30 MMstb; Change - Minus 11.8 percent
    • 3P: Gross - 0.42 MMstb; Net - 0.33 MMstb; Change - Minus 10.8 percent

Contingent Reserves (Oil)

  • Myanmar
    • 1C: Gross - 4.73 MMstb; Net - 2.84 MMstb; Change - 2.5 percent
    • 2C: Gross - 5.39 MMstb; Net - 3.23 MMstb; Change - Minus 5.3 percent
    • 3C: Gross - 6.32 MMstb; Net - 3.79 MMstb; Change - Minus 12.1 percent
  • Indonesia
    • 1C: Gross - 0.90 MMstb; Net - 0.72 MMstb; Change - Minus 21.7 percent
    • 2C: Gross - 1.73 MMstb; Net - 1.36 MMstb; Change - 5.4 percent
    • 3C: Gross - 2.88 MMstb; Net - 2.23 MMstb; Change - 19.3 percent

Notes

1P : Proved
2P : Proved plus probable
3P : Proved plus probable plus possible
Change : Change from the preceding financial year end, which also takes into account actual production and changes in effective interests of the Company and its subsidiaries (the Group)
Gross : Gross reserves or contingent resources attributable to the contract before the application of contractual terms with the host government
MMstb : Million stock tank barrels
Net : Net reserves or contingent resources attributable to the Group before the application of contractual terms with the host government

(1) Gross reserves refer to 100 percent of the estimated commercially recoverable hydrocarbons (i.e. after economic cut-offs have been applied) before taking into account the contractual terms with the host government
(2) Net reserves attributable to the Group refer to the proportion of gross reserves attributable to the Group’s effective interest in the contract. Net reserves do not take into account the contractual terms with the host government and do not represent the Group’s actual net entitlement or net economic interest under the contract, which would be lower
(3) Gross contingent resources refer to 100 percent of the estimated hydrocarbons recoverable from the field on an unrisked basis (i.e. before the application of chance of development factor)
(4) Net contingent resources attributable to the Group refer to the proportion of gross contingent resources attributable to the Group’s effective interest in the contract. Net contingent resources do not take into account the contractual terms with the host government and do not represent the Group’s actual net entitlement under the contract, which would be lower
(5) The above gross reserves and contingent resources data are compiled from the respective QPRs with an effective date of Dec. 31, 2015 prepared in accordance with the requirements set out in paragraph 5 of Practice Note 6.3 to the Listing Manual and the standards promulgated by SPE-PRMS by:
Name of Qualified Person : Stephen M Lane of GCA
Professional Society Affiliation/Membership : Society of Petroleum Engineers/3416400
Date : March 28, 2016
(6) The above data do not contain information on the Kuala Pambuang block, which is an exploration block with no conclusive geophysical or geological data available for reporting

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