Interra Resources Limited’s wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT), has commenced drilling development well TMT-60 at the Tanjung Miring Timur (TMT) field in South Sumatra, Indonesia. GTMT has 100 percent operating interest in the Technical Assistance Contract of the TMT field and the cost of drilling is funded from existing funds on hand.
TMT-60 is the first of four proposed development wells of the current 2014 drilling program all to be drilled back-to-back using an externally contracted rig, and is a continuation of the successful drilling program which began in October 2012 to test new geologic and reservoir concepts derived from the 2012 3D seismic survey. TMT-60 is a direct northern offset to producing well TMT-53 which was completed in April 2013. To date, TMT-53 has produced more than 220,000 barrels of oil from the Talang Akar Formation (TAF).