SINGAPORE (Yosefardi) – Goldwater TMT Pte. Ltd. (GTMT), wholly owned subsidiary of Interra Resources Limited, has commenced drilling development well TMT-57 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-57 is drilled as an infill development well between current producing oil wells and is the second of four development wells to be drilled back-to-back using an externally contracted rig. The well is to be drilled to a proposed depth of 1,250 metres with the primary objective of accelerating production from undrained portions of oil reservoirs which produce in surrounding wells.
TMT-57 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 with respect to the several sandstone reservoirs of the Talang Akar Formation and the limestone reservoirs of the Batu Raja Formation.
Interra estimates that the results of the drilling should be available in approximately eight weeks.