Interra Resources spuds first Indonesian well

10/7/2019

SINGAPORE - Interra Resources Limited, an independent oil and gas exploration and production player in Southeast Asia, has started drilling its first onshore well in Kuala Pambuang (KP-1), southern Central Kalimantan, following the successful completion of feasibility and technical data studies.

The KP-1 well will be drilled vertically to a depth of 1,100 meters with the use of a hired rig, where data points to expected intersections with several prospective oil reservoirs. Interra Resources has a 67.5% interest in the exploration and operating rights to the 1,631 km2 Kuala Pambuang block.

The initial interest in this block arose from contemporaneous drilling and production reports that there were numerous, oil producing wells in the area operated by a Royal Dutch Shell subsidiary prior to WWII. Based on the data obtained, there are three prospective oil reservoirs – one shallow clastic sandstone (Warukin formation) and two deeper limestones (upper and lower Berai formation). The lower Berai formation had the highest oil influx rate both in testing and subsequent production, and hence, Interra's primary target. The Berai formation potential reservoirs also correlate with more recent wells drilled in 1971 approximately 200 km to the east of the drill site.

Following the grant of the exploration rights by Indonesia, Interra Resources embarked on rigorous studies on available data, and acquired technical data based on the latest processes in advanced sub-surface exploration. Using high quality 2D seismic data, detailed studies indicate potential oil reservoirs at depths of 900 to 1,100 meters below the surface. Alongside review conducted by independent experts, Interra Resources identified several high-quality drilling prospects.

Interra Resources’ CEO Marcel Tjia said “With high quality data acquired from using advanced sub-surface exploration technology, the results point to an exciting prospect. The Kuala Pambuang well represents the first of many opportunities and the drilling affirms Interra Resources’ multi-disciplinary approach to proving oil reservoirs at KP-1.”

Looking ahead, Interra Resources will announce the results, including any critical interim updates, of this drilling operation soon. The company is ready to embark on the next step of directing investments and deploying infrastructure with a view to commercial production.

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