Project Profile
Value: Undisclosed
Location: South Sumatra, Indonesia
Reserves: 19.9 million barrels
Area: Unknown
Depth: Unknown
Start-up Year: -
In May 2016, Mitra Investindo, in which Interra Resources holds 53.76%, had provisionally agreed to buy 23.44% of Benakat Oil (BO) for US$5.41 million, translating into an indirect holding of 21.79% of Benakat Barat Petroleum (BBP).
In March 2015, Interra agreed to buy an indirect 20% stake in Benakat Barat Petroleum (BBP), for US$7.36 million. Interra’s fully owned Goldwater Indonesia entered into a conditional sale and purchase agreement with Benakat Integra (BI), BO and Bangkudulis Patina Petroleum (BPP) for Goldwater’s proposed acquisition of 71,031,024 ordinary and fully paid-up shares in BO.
In December 2014, Interra terminated a September 2013 agreement to acquire 100% in BBP for US$78.5 million.
In September 2013, Goldwater Indonesia agreed to acquire BBP, which owns 100% of the Benakat Barat field in South Sumatra, Indonesia. Gaffney, Cline & Associates reported in May 2010 that the \"proven plus probable\" 2P reserves at the Benakat Barat field were at 19.9 million barrels. In addition, the firm believes that the acquisition is a strategic investment because the Benakat Barat field, which is located adjacent to Interra\'s Tanjung Miring Timur (TMT) field, produces oil from the same geological structures and formations as the TMT field. The acquisition allows Interra to create operational synergies due to the proximity of the two fields. Interra agreed to pay 80% of the purchase price for BBP in cash, with the remainder through shares in the company.
The East Benakat field is an elongate structural high trending in a NW - SE direction. A reverse fault dissects the structure and the downthrown part, on the West is again affected by a secondary compensating fault. The drilling of 26 wells on this structure has shown the presence of Talang Akar reservoir in the upthrown block, all with different oil water contacts. Hydrocarbon have also been discovered in limestones of the Baturaja Formation in the downthrown block of the structure, where the Talang Akar sands are dry. Petroleum occurrence in the upthrown block is structurally controlled, this is not the case in the downthrown block in which a combination of structure and stratigraphy is responsible for trapping hydrocarbons. Faulting is also considered to be a significant factor controlling the present mode of petroleum occurrence in this field. Interra Resources intends to wrap up a deal which will see it take a stake now in Indonesia’s West Benakat oilfield.
Operators:
Benakat Barat Petroleum (BBP): Operator with 100% interest
Contractors:
Gaffney, Cline & Associates: Prefeasibility studies focusing on resource estimation studies
Subcontractors: