Interra Resources

Interra Resources: 1Q14 net profit slipped 11% y/y to US$1.2m, despite revenue surge of 63% to US$11.8m, due to US$0.9m fair value loss on the disposal of Linda Sele TAC. Meanwhile, the top line was boosted by higher sales of shareable production (+75%) to 155,783 barrels due to higher contributions from Myanmar and Tanjung Miring Timur, but offset by lower transacted oil prices (-3.8%) of US$106.60/barrel. Group has sufficient cash on hand to meet its workplan commitments for 2014. NAV/share of US17.9¢.