Interra Resources

Interra Resources: Pretty strong set of results with net profit more then tripling to US$5.0m, and revenue at US$14.0m (+79% y/y) Strong revenue was led by an increased sales of shareable oil, which almost doubled to 181,611 barrels, from 97,570 barrels last year, despite lower transacted oil prices of US$105.57 per barrel, compared with US$110.31 per barrel last year. Recall, Interra's oil production had shot to a record high in the second quarter, due to an extremely prolific new oil well in the Tanjung Miring Timur (TMT) concession in South Sumatra, where Interra holds full participating interest. With proper maintenance, the well is expected to maintain production at the current level, and "to contribute significantly to the bottom line of the group. In Myanmar, where the firm has drilled 22 wells so far this year, there are plans to drill two more wells, and the co guided that results have so far been "encouraging". Overall, 2013 is shaping out to be a pretty strong yr for the grp