Singapore — May 31, 2016 — Terra Nova Energy Ltd. (“Terra Nova” or the “Company”) is pleased to announce that it has completed a 3D seismic data exchange with Senex Energy Limited (“Senex”) and Bridgeport Energy Australia (“Bridgeport”).
Henry Aldorf, Chairman and CEO, stated, “This data exchange is part of our ongoing technical evaluation and commitment to the PEL 444 concession. We will be using this information to further refine and bolster our understanding of this acreage.”
The data exchange with Senex resulted in the Company securing a copy of the 26 square kilometer 3D seismic data volume from the Senex Jasmine survey, which runs adjacent to Terra Nova’s Wingman 3D seismic acquisition on PEL 444. As part of the transaction, Terra Nova also received well data from the first Senex well drilled using the Jasmine 3D seismic survey in exchange for well data from the recent Terra Nova drilled Baikal-1 well.
The data exchange with Bridgeport resulted in the Company securing a copy of the 80 square kilometer 3D seismic survey from the Bridgeport Playford acquisition. Terra Nova will also be entitled to receive well data from the first well drilled by Bridgeport where the location of which was selected using interpretation from the survey. In return for this valuable seismic information the Company provided Bridgeport with a copy of the Wingman 3D seismic survey and Baikal-1 well data.
Mr. Aldorf continued, “Our technical team is also reviewing asset acquisition opportunities that have the potential to generate near-term cash flow for the Company.”
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is an oil and gas company with a 20.66% 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.
T: +1 604 200 1039
T: +65 9395 8990
This news release contains forward-looking information relating to Terra Nova’s intentions to conduct the 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.
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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