December 2, 2013 — Vancouver, British Columbia — Terra Nova Energy Ltd. (TSX-V — TGC) announces an update on the status of the Petroleum Exploration Licence (“PEL”) 444.
Petroleum Exploration Licence (“PEL”) 444
The processing of 80 square kilometers of 3D Seismic data on PEL 444 (the “Wingman Survey”) has been completed, and interpretation of the data has commenced. The Wingman survey was shot over prospective leads identified by a 2D survey acquired on that license in 2005. It is anticipated that at least one prospect will be matured for drilling. PEL 444’s current licence term expires on July 10, 2015, and has a one-well drilling commitment remaining.
The Wingman Survey was acquired over a portion of PEL 444 that lies within the “Western Margin” of the Cooper Basin, which is generally considered highly prospective. This trend is being actively drilled by adjacent licensees including Senex Energy and Beach Energy.
Once interpretation of the Wingman Survey is complete, Terra Nova will announce the proposed drill date for its initial well on PEL 444.
In nearby activity, Senex Energy reports that the Snatcher Oilfield, 23km to the southwest of the PEL 444 Wingman area, has been extended to the northwest by the Snatcher #9 well, with additional field-drilling planned.
Of additional interest is that title issues have been resolved in the adjacent PEL 182 licence to the east, which will enable seismic and drilling work to be carried out in that licence, contributing to the prospectivity assessment of this under-explored region of the “western flank oil fairway” trend.
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. Nico Civelli,
+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. 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, 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.
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