INTERRA RESOURCES LIMITED

UEN 197300166Z ARBN 129 575 275

SGX ANNOUNCEMENT

SGX Code: Interra Res (5GI)

15 January 2013

USE OF PROCEEDS FROM RIGHTS ISSUE COMPLETED ON 1 OCTOBER 2012

Unless otherwise defined, capitalised terms used herein shall bear the same meaning ascribed to them in the offer information statement dated 5 September 2012 in relation to the Rights Issue (the "Offer Information Statement").

Further to the announcements dated 19 October 2012, 15 November 2012, 14
December 2012 and 26 December 2012 in relation to the use of proceeds from the Rights Issue, the Board of Directors of Interra Resources Limited (the "Company" or "Interra") wishes to provide an update on the utilisation of the net proceeds from the Rights Issue of S$21,752,124 (after deducting related expenses incurred in connection with the Rights Issue) (the "Net Proceeds") as follows:

Purpose

Amount utilised

(S$)#

Payment of US$1,021,200 for work activities relating to

the work programme of Yenangyaung and Chauk IPRCs in Myanmar for the year 2013

1,252,318

Payment of US$108,400 for work activities relating to the work programme of Linda Sele TAC in Indonesia for the year 2013

132,933

Payment of US$106,494 for work activities relating to

the work programme of Tanjung Miring Timur TAC in Indonesia for the year 2013

130,595

Total

1,515,846

# Based on the exchange rate of US$1:S$1.2263.

The above utilisation is in line with the intended uses of the Net Proceeds stated in the Offer Information Statement. Subsequent to the aforementioned, the remaining balance of the Net Proceeds amounts to approximately S$11,633,322.
The Company will provide updates on the use of the remaining Net Proceeds as and when such proceeds are materially disbursed.
By Order of the Board of Directors of INTERRA RESOURCES LIMITED Marcel Tjia
Chief Executive Officer
Interra Resources Limited 1 Grange Road #05-04 Orchard Building Singapore 239693 Tel (65) 6732 1711 Fax (65) 6738 1170 www.interraresources.com

Use of Proceeds from Rights Issue Completed on 1 October 2012


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About Interra

Interra Resources Limited, a Singapore-incorporated company listed on the SGX Mainboard, is engaged in the business of oil and gas exploration and production (E&P). Our E&P activities include oil and gas production, field development and exploration through strategic alliances and partnerships. We are positioning
ourselves to become a leading regional independent producer of oil and gas.

For corporate enquiries, please contact:Foo Say Tain

Chief Financial Officer
stfoo@interraresources.com

For technical enquiries, please contact:Frank Hollinger

Chief Technical Officer
frank@interraresources.com

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