Interra Resources

Interra Resources: announced plans to increase production by extracting more from its current oilfields and by exploring new assets, after it moved to a Mainboard listing from Catalist. Says it is now part of private equity grp Saratoga Capital, which will give it access to new capital and deal flow. Sarotoga is an Indonesia PE group founded by Interra chairman Edwin Soeryadjaya and Sandiago Uno in 1998, and holds stakes in coal miner Adaro Energy and budget airline Mandala Airlines, among others. The sh/h change occurred after a share restructuring exercise at the end of last yr. CEO highlights the co is now "working on a few assets" in Indonesia. Adds, there is talk that another few plots will put up for tender in Myanmar this year, though the terms for local/foreign partnership are still uncertain. Interra owns 60% of the rights and interests to 2 onshore oilfields in Myanmar. It also holds full rights to an onshore field in South Sumatra and West Papua separately, besides the newly acquired rights to the Kuala Pambuang Block. Myanmar accounts for ~2/3 of Interra’s revenue.