Singapore / ACCESSWIRE / November 21, 2014 / Terra Nova Energy Ltd. (the "Company" or "Terra Nova") (TSX-V: TGC; OTCQX: TNVMF) is pleased to announce that it has completed the interpretation of the reprocessed Wingman 3D seismic survey from which eight prospective geological features have been recognized that appear suitable for drilling exploratory wells. The Wingman 3D covers 84 sq km within the Petroleum Exploration License ("PEL") 444 block located on the western flank of the Cooper/Eromanga Basins in the State of South Australia, Australia. The geological prospects were recognized using advanced geophysical techniques and are interpreted to have analogous characteristics to those of the adjacent producing Charo field. Terra Nova is in the process of acquiring the required approvals and operational permits in support of an upcoming drilling campaign.
"We are pleased that we have identified eight drilling locations following the ranking and risking of multiple targets in the Birkhead, Namur and Hutton areas" said Terra Nova Energy CEO and Chairman Henry Aldorf. "We are fortunate to own acreage in the Cooper/Eromanga Basins, where oil production costs have been low compared to other parts of the world, offering a significant advantage at today's oil prices. We are looking forward to the upcoming drilling campaign."
Terra Nova has also commenced the reprocessing of PEL 112's Mulka 3D seismic survey by employing similar techniques that were used in the seismic reprocessing of PEL 444.
Terra Nova will release further updates in due course.
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 Basins 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.