SINGAPORE (Yosefardi) – SGX-listed Interra Resources Limited, controlled by Edwin Soeryadjaya and Sandiaga Uno, booked net loss after tax US$7.54 million for the second quarter ended June 2015, widened from loss of US$3.23 million in the previous quarter.
This was largely due to impairment of producing oil and gas properties of US$5.30 million which was a result of the current low oil prices and the decline in production. In the Q2 2014, the Group net profit of US$0.20 million.
Revenue for the quarter was US$10.38 million, 23% higher than the previous
quarter, decreased by 31% from US$15.01 million in Q2 2014, largely due to lower weighted average transacted oil prices for Q2 2015 of US$59.20 per barrel (Q2 2014: US$107.49 per barrel) and lower sales of shareable oil of 162,435 barrels in Q2 2015 from 196,360 barrels in Q2 2014 for oil and gas operations.
The Group’s shareable production from oil decreased by 20% to 161,116 barrels in Q2 2015 from 201,655 barrels in Q2 2014.
Tanjung Miring Timur TAC (TMT TAC) shareable production remained relatively unchanged from last quarter, stabilizing at 55,518 barrels for the quarter. Due to technical issues, production has not increased despite efforts to improve the condition of the existing wells. The last well for 2014 was drilled in early Nov 2014, and completion has been delayed due to technical difficulties. The results are expected to be known by Q3 2015.
Shareable production at Linda Sele TAC (LS TAC) increased slightly by 4% to 9,519 barrels of oil in Q2 2015. Uplifting of oil at LS TAC was also more regular during this quarter. Revenue for granite mining in Bintan increased by 43% from US$2.12 mil in Q1 2015 to US$3.03 mil in Q2 2015.