Singapore — September 9, 2015 — Terra Nova Energy Ltd. (“Terra Nova”) is pleased to announce that an agreement has been reached with its Joint Venture partners, Perseville Investing Inc. and Holloman Energy Corporation (OTCQB: HENC), to drill one well before the end of 2015 on Petroleum Exploration License (“PEL”) 444.
Pursuant to the Joint Operating Agreement, all parties have agreed to drill a commitment well to test the “Baikal 1” target. The “Baikal 1” target is one of multiple targets selected by Terra Nova’s technical team for drilling based on their extensive interpretation work on the reprocessed data from the Wingman 3D seismic survey, using the latest AVO and inversion techniques to further de-risk the prospects. The commitment well constitutes the initial well of a planned multi-well drill program on PEL 444.
Henry Aldorf, President and CEO, stated, “We are pleased to have come to an agreement to drill one of the well-defined prospects that our technical team identified during the interpretation and reprocessing of the Wingman 3D seismic shot on PEL 444.” Mr. Aldorf continued, “Terra Nova is well capitalized to fund the 20.66% working interest for this commitment well and a planned multi-well drill program.”
Terra Nova is pleased that PEL 444 will continue to be held in good standing within the Joint Venture. Plans to drill the well and a drill site location were agreed upon with Terra Nova’s Joint Venture partners, Perseville Investing and Holloman Energy (OTCQB: HENC), at a Technical Sub-Committee meeting held on August 27, 2015. Subsequently, on August 31, 2015, the Operating Committee approved the proposed drilling plan and Authority for Expenditure (AFE).
Terra Nova’s PEL 112 block was renewed for a five-year term in 2014 and remains in good standing.
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 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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