Terra Nova Energy Ltd. is pleased to report that it has received the initial geophysical evaluation ("the Evaluation") for the PEL 444 Wingman 3D Seismic Survey, completed in December 2013 by Tanglin Exploration Pty Ltd. of Sydney, Australia. The Evaluation has confirmed that the Survey effectively images the Lower Birkhead Formation which is the principle reservoir in the Snatcher / Charo and Growler Oil Fields, located on trend with PEL 444. Various anomalies have been identified from the seismic interpretation that may support hydrocarbon trapping, effectively encouraging further analysis.
The results of this study will be integrated with 2D seismic data shot in 2005, to evaluate the prospectivity of the southeastern portion of the exploration license. The use of regional 3D seismic surveys as an exploration tool has greatly improved the wildcat success rate in the West Eromanga Basin, South Australia.
The Wingman 3D seismic survey ("the Survey") covers approximately 80 square kilometres and was acquired in the southeastern part of PEL 444. Surveying, line clearing and recording operations were undertaken by Terrex Pty Ltd of Perth, Australia. The data was processed by Dolphin Geophysical Pte Ltd in Singapore.
Management is currently assessing next steps to advance its exploration program.
About PEL 444
PEL 444 is located in the prospective "Western Oil Fairway" of the Eromanga Basin in South Australia, where 22 oil fields have been discovered in the last eight years; current production exceeds 15,000 barrels of oil per day. Oil has been encountered in the Namur Sandstone and in channel sandstones of the Birkhead Formation within both structural and stratigraphic trapping configurations. The application of 3D geophysical data in prospecting for hydrocarbon has been instrumental to exploration success given the low structural relief and/or stratigraphic nature of hydrocarbon accumulation in this part of the basin.
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" and its ordinary shares trade in the U.S. on the OTCQX marketplace under the symbol "TNVMF."
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 implement a proposed exploration program on its property. 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.