Interra Resources Ltd. Announces Unaudited Group Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 13 13
Interra Resources Ltd. announced unaudited group earnings and production results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported revenue of USD 14,031,000 against USD 7,828,000 a year ago. This was largely due to higher sales of shareable production, which increased to 181,611 barrels in third quarter of 2013 from 97,570 barrels in third quarter 2012, although at lower transacted oil prices. Profit before income tax was USD 5,976,000 against USD 1,673,000 a year ago. Profit attributable to equity holders of the company was USD 4,988,000 or 1.106 cents fully diluted share against USD 1,087,000 or 0.360 cents fully diluted share a year ago. Net cash provided by operating activities was USD 9,930,000 against USD 5,235,000 a year ago, mainly due to cash generated from Myanmar and TMT TAC operations of USD 2.44 million and USD 7.09 million respectively. Additions to oil and gas properties were USD 5,942,000 against USD 456,000 a year ago. Additions to other property, plant and equipment were USD 2,000 against USD 22,000 a year ago. The group posted a higher net profit after tax of USD 4.99 million third quarter of 2013 as compared to USD 1.09 million in third quarter of 2012. The increase was mainly due to higher revenue of USD 14.03 million against USD 7.83 million a year ago. EBITDA was USD 9,174,000 against USD 3,083,000 a year ago. EBIT was USD 6,666,000 against USD 1,934,000 a year ago.
For the nine months, the company reported revenue of USD 36,507,000 against USD 23,175,000 a year ago. Profit before income tax was USD 13,364,000 against USD 4,832,000 a year ago. Profit attributable to equity holders of the company was USD 10,804,000 or 2.398 cents fully diluted share against USD 3,089,000 or 1.026 cents fully diluted share a year ago. Net cash provided by operating activities was USD 14,128,000 against USD 9,778,000 a year ago. Additions to exploration and evaluation assets were USD 14,000 against USD 4,556,000 a year ago. Additions to oil and gas properties were USD 16,780,000 against USD 1,726,000 a year ago. Additions to other property, plant and equipment were USD 2,000 against USD 22,000 a year ago. EBITDA was USD 21,591,000 against USD 9,733,000 a year ago. EBIT was USD 15,172,000 against USD 6,376,000 a year ago.
The group's shareable production increased by 48% (84,363 barrels) to 175,165 barrels in third quarter of 2013 from 90,802 barrels in third quarter of 2012. The increase was mainly due to higher contributions from Myanmar and Tanjung Miring Timur as the group successfully completed several development wells as oil producer in both fields.
The group shareable production for the nine months of 2013 was 471,560 barrels against 276,580 barrels a year ago.
Interra Resources Ltd. and Goldpetrol Joint Operating Co., Inc. Commence Drilling Development Well CHK 1174 in the Chauk Oil Field in Myanmar
Nov 4 13
Interra Resources Limited informed shareholders that its joint controlled entity, Goldpetrol Joint Operating Company Inc. (‘Goldpetrol’), has commenced drilling development well CHK 1174 in the Chauk oil field in Myanmar. Interra has a 60% interest in the Improved Petroleum Recovery Contract of the Chauk field and also owns 60% of Goldpetrol which is the operator of the field. CHK 1174 is being drilled using Goldpetrol's LTO 350 rig, thus drilling costs are expected to be relatively low. Interra's share of the cost of drilling will be funded from existing funds on hand. CHK 1174 will be drilled to a targeted depth of 2,600 feet as a northern offset development well to CHK 1172 which was completed as an oil producer earlier this year at an initial rate in excess of 200 barrels of oil per day. The primary objective is to accelerate production from the oil reservoirs that produce from the wells in this fault block. Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results of the drilling operation as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.
Interra Resources Ltd. and Goldpetrol Joint Operating Company Inc. Complete Development Well CHK 1173 in the Chauk Oil Field in Myanmar
Oct 24 13
Interra Resources Limited announced that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. has completed development well CHK 1173 in the Chauk oil field in Myanmar as an oil producer. Interra has a 60% interest in the Improved Petroleum Recovery Contract of the Chauk field and also owns 60% of Goldpetrol which is the operator of the field. Since the well was drilled using Goldpetrol's LTO 350 rig, costs were comparatively low. Interra's share of the cost of drilling was funded from existing funds on hand. CHK 1173 was drilled to a total depth of 2,530 feet as an infill development well to producing oil wells CHK 1166 and CHK 1171, with the primary objective of accelerating production from reservoirs that produce in this fault block. Following five days of production testing, CHK 1173 has been completed through casing perforations over eight reservoirs totaling 55 feet at 184 barrels of oil per day. CHK 1173 is the fifth well to be completed in this fault block in 2013 and as a group has had a significant positive impact on the Chauk field oil production. Several prospective shallower reservoirs will be tested later in this well or by shallow offset well. CHK 1173 marks the nineteenth well to be completed as an oil producer in Myanmar in 2013.