SINGAPORE (Yosefardi) – Interra Resources Limited’s revenue increased by 65% to US$50.16 million in 2013 from US$30.41 million in 2012, largely due to higher sales of shareable production, which increased to 656,691 barrels in 2013 from 363,686 barrels in 2012, although lower transacted oil price.
The group’s shareable production increased by 76% (279,563 barrels) to 649,473 barrels in 2013 from 369,909 barrels in 2012.
The increase was mainly due to higher contribution from Myanmar (19%) and Tanjung Miring Timur (55%) as the group successfully completed several developments wells as oil producers in both fields.
The cost of production increased by 34% to US$26.84 million in 2013 from US$19.97 million in 2012, largely due to higher amortization of oil and gas properties, new well drillings, and higher production expenses.
Interra posted a higher net profit after tax of US$7 million in 2013, compared to US$3.03 million in 2012, supported by higher revenue.