Interra Resources Limited wishes to inform shareholders 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% 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 1,250 metres. It is the fourth and final development well to be drilled in the 2013 drilling programme 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 programme that began in October 2012 to test new geological and reservoir concepts derived from the 2012 3D seismic survey.