Interra Resources updates on TMT-57 and TMT-58 wells

Interra Resources Ltd.

Interra Resources Ltd.’s wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has completed development well TMT-57 at the Tanjung Miring Timur (TMT) field in South Sumatra, Indonesia, as an oil producer, and has begun drilling development well TMT-58. GTMT has 100% operating interest in the technical assistance contract of the TMT field, and the cost of drilling was funded from existing funds on hand.

TMT-57 was drilled as an infill development well between current producing oil wells, with the primary objective of accelerating production from undrained portions of oil reservoirs that produce in surrounding wells. TMT-57 was drilled to a depth of 1,168 meters and is the second of four development wells to be drilled back-to-back using an externally contracted rig. It is a continuation of drilling in-field wells to test new geologic and reservoir concepts derived from the 2012 3D seismic survey.

Following perforations covering three deep reservoirs, the well flowed naturally at relatively high rates. Unexpected pressures were encountered, indicating potential new reservoirs. After four days of testing to determine optimum natural flow rates, while maintaining formation pressure and reducing possible water influx, TMT-57 was completed as a significant oil producer at a stable 650 barrels of oil per day.

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 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 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.

 

 

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