Vancouver, Canada - August 7, 2013. Terra Nova Energy Corp. (TSXV: TGC) ("Terra Nova") reports no oil shows were observed while drilling in its primary and secondary oil objectives in the Wolfman #1 exploration well on Petroleum Exploration License ("PEL") 112. Hunt Energy Rig #3 encountered its primary objective, the Namur Sandstone, at approximately 1,197 meters (3,927 feet) on August 6, 2013, and drilled ahead to its secondary targets in the Birkhead formation and Hutton sandstones. Wolfman #1 reached a total depth of 1,703 meters (5,587 feet) on August 7, 2013. In the event that wireline logging confirms a dry hole, the well will be plugged and abandoned.
By completing Wolfman #1, Terra Nova has earned an additional 5.8333% on PEL 112. Terra Nova will also earn its initial 20% on PEL 444 and an additional 5.8333% (as a result of completing Wolfman #1) by delivering the interpretation of the Wingman 3D seismic which was shot in June 2013.
Terra Nova now holds a 25.8333% working interest in PEL112. To date only 130 sq km of the 2200 sq km license has been shot with 3D seismic. As such, there remains future exploration potential for additional seismic surveying to identify potential prospects near to the prospective trend. While data gathered in connection with the Wolfman #1 well is being analyzed, Terra Nova intends to focus its efforts on drill plans for PEL 444.
In connection with completing Wolfman #1, the regulatory license obligations for this year have been fulfilled.
About Terra Nova Energy Ltd.
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".
For more information please contact:
Terra Nova Energy Ltd.
+41 44 217 4804
Forward looking information
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. 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, the availability of capital, and Terra Nova's ability 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.
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.
Leave a comment...