Interra owns a 70% interest in the TMT Technical Assistance Contract. The TMT oil field is onshore and is located in South Sumatra. The owner of the remaining 30% and operator of the field is PT Retco Prima Energi.
The spud of Well TMT-48 was announced on 9 April 2007. This well is part of a 3-well infill development program that is anticipated to be completed in mid 2007. TMT-48 was successfully drilled by an external drilling contractor to a total depth of 1,195 meters. TMT - 48 was completed as a flowing oil well in the primary objective, the Talang Akar Formation ("TAF"), but in a new heretofore non-producing sandstone member. Accordingly, this should add to the TAF reserves base. Currently, the well is undergoing production testing and indications are that the well will have a stabilized initial production of in excess of 200 barrels of oil per day.
Before this completion, TMT was recently producing more than 650 barrels of oil per day from 26 wells. Production is from multiple zones within two formations – the deeper TAF sandstones and the overlying Baturaja ("BRF") limestones. This success will have an immediate positive impact on the field's daily production rates. In addition to the oil bearing zone in the TAF, excellent indications of producible oil were also encountered during drilling and subsequent wireline logging in the lower BRF limestone. This will remain "behind pipe" for now but in the future will most likely be completed as an oil producer (with potentially significant production). If this zone does produce in the future as expected, it should add to the field's overall reserves. There were also other hydrocarbon indications (both oil and gas) in the well.
The drilling rig is currently moving to the location of TMT- 49, the second well in the 3 well program, and should begin drilling within a short time. This well will have similar objectives as TMT-48. An announcement of the spud of this well will be forthcoming.
Singapore-listed Interra Resources Limited is engaged in petroleum production, field development and low-risk exploration through strategic alliances and partnerships.
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