Singapore / ACCESSWIRE / October 17, 2014 / Terra Nova Energy Ltd. (the "Company" or "Terra Nova") (TSX-V: TGC OTCQX: TNVMF) is pleased to announce that it has signed a letter of intent with Hunt Energy and Mineral Pty. Ltd. ("Hunt Energy") with regard to a drilling service agreement whereby Hunt Energy will provide drilling services for up to 6 wells in Terra Nova's Petroleum Exploration License ("PEL") 444 Block located on the western flank of the Cooper/Eromanga Basin in the State of South Australia, Australia.
"The recent amplitude-friendly reprocessing of the Wingman 3D is of excellent quality and multiple targets have been mapped so far at various stratigraphic levels such as Birkhead, Namur and Hutton." said Terra Nova Energy CEO and Chairman Henry Aldorf. "Currently we are ranking and risking these prospects by using the analogies from the adjacent Charo field. Coupled with the recent oil discovery in the nearby PEL 104 block we are very excited and looking forward to the upcoming drill campaign in PEL 444."
Terra Nova Energy Ltd. is an oil and gas company with a right to acquire up to a 55% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol "TGC" and its ordinary shares trade in the U.S. on the OTCQX marketplace under the symbol "TNVMF."
For more information please contact:
Lydia Danis
Corporate Communications
T: +1 604 200 1039
Email: [email protected]
Nico Civelli
VP Finance
T: +65 9395 8990
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information relating to Terra Nova's intentions to conduct the seismic program and subsequent drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Terra Nova will be successful in making such findings in the Western Flank. In making such forward-looking statements, Terra Nova has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Terra Nova in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Terra Nova may elect to, Terra Nova is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.
SOURCE: Terra Nova Energy Ltd.