Interra Resources Limited wishes to inform shareholders that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has commenced drilling development well TMT-58 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 will be funded from existing funds on hand.
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 metres, along the same geological trend as TMT53 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 successful drilling programme that began in October 2012 to test new geological and reservoir concepts derived from the 2012 3D seismic survey.