Interra Resources' new well still best-producing after initial tests

Bright prospects for TMT-53.

In its latest Indonesia production testing update, Mainboard-listed Interra Resources said that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. (GTMT) has achieved a stabilised flow rate following production testing. GTMT has 100% working interest in the Technical Assistance Contract of the TMT field and TMT-53 was drilled using an externally contracted rig.

"Following unrestricted initial flow rates in excess of 1,400 barrels of oil per day (bopd), the Company has endeavoured to optimise the flow rates whereby formation flowing pressure would be maintained and the chance of any potential water break-through be minimised," said Interra Resources.

It added that following the implementation of the optimisation tests, TMT-53 has consistently produced at controlled flow rates of between 900 and 1,100 bopd over the past fourteen days. TMT-53 marks a significant milestone in the development of TMT as it currently has the best initial production rates based on existing production tests.

"At this stabilised production rate, TMT-53 remains the best producing well and more than doubles the overall production at TMT." the company said.

TMT-53 is one of four new wells drilled since completion of the 3D seismic data acquisition and interpretation. The Company has identified numerous quality drillable prospects following the interpretation of the 3D seismic data and the new discovery made by TMT-53 was one such prospect. Given the substantial flow rates from TMT-53, the Company has commenced additional 3D seismic studies to determine the extent of the newly discovered reservoir.

Four additional wells for 2013 drilling have been approved by Pertamina, and site construction is currently underway.