Singapore — November 23, 2015 — Terra Nova Energy Ltd. (“Terra Nova”), the Operator of Petroleum Exploration License (PEL) 444, is pleased to announce that the Technical Contractor, Senex Energy Ltd. (ASX: SXY) (“Senex”), has commenced the drill site preparations on PEL 444 on behalf of the Joint Venture. Terra Nova also advises that operations are progressing well and that the targeted spud date of early December remains on track for the 2,050 meters (6,700 feet) Baikal #1 well which is designed to test a large prospective target on PEL 444 in the Mid-Birkhead channel sands.
Figure 1: Road Access to PEL 444
Figure 2: Drill pad under construction, Baikal 1 Target at PEL 444
Figure 3: Drill pad under construction, Baikal 1 Target at PEL 444
Figure 4: Baikal 1 Pad Being Cleared at PEL 444
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”), 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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