Interra owns a 70% interest in the TMT Technical Assistance Contract (TAC). The TMT oil field is onshore and is located in South Sumatra. Retco Prima owns the remaining 30%.
The spudding of the second well, TMT-49, follows the successful completion of TMT-48 as an oil well, which was announced on May 10, 2007. The drilling is being conducted by the same external drilling contractor used for TMT-48, which was drilled within the estimated budget.
The objectives of TMT-49 are similar to those of TMT-48, and Interra expects that the total cost of the three wells as completed producers remains at the original estimate of US$3.7 million. Interra will be accountable for a 70% share of this cost, which it will cover from existing funds on hand.
With the addition of well TMT-48, the field is currently producing about 900 barrels of oil per day. The field is producing from multiple zones within two formations--the deeper Talang Akar (TAF) sandstones and the overlying Baturaja (BRF) limestones. Most of the producing reservoirs are the sandstones of the TAF, and these will be the primary objective. Based on seismic and geological interpretations, well TMT-49 will test these reservoirs in an undrilled and undrained structural high position between three wells that have combined to produce in excess of 875,000 barrels of oil. The well is planned to be drilled to approximately 1,160 meters.
Interra estimates that TMT-49 will be completed in approximately four weeks, and the results will be announced following completion and production testing.
Singapore-listed Interra Resources Limited is an upstream petroleum exploration and production company engaged in petroleum production, field development, and low-risk exploration through strategic alliances and partnerships.
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