Terra Nova Provides Cooper Basin Update
August 20 2013 - 7:15AM
Access Wire
August 20, 2013 - Vancouver, British
Columbia. Terra Nova Energy Ltd.
(TSXV: TGC; OTCQX:
TNVMF) ("Terra Nova" or "the Company')
updates its shareholders and other interested parties on its Cooper
Basin strategy and operations.
"Notwithstanding the lack of success on our Wolfman
#1 exploration well we remain highly confident about the potential
of our Cooper Basin assets," stated Henry Aldorf, Terra Nova CEO.
"By no means are we abandoning PEL 112, however further study is
required before we begin another exploration campaign on this
license. While that work is underway we are moving ahead with
exploration of PEL 444 as quickly as possible."
Acquisition of 80
square kilometers of 3D seismic data on PEL 444 (the "Wingman
Survey") began May 28, 2013, and was completed on July 2, 2013. The
Wingman Survey will fulfill the minimum work requirements for PEL
444 License Year Three. Processing of data from the Wingman Survey
is 30% complete. Final interpretation of survey results is
anticipated in October 2013. The timing of follow-on drilling on
PEL 444 will be announced when determined.
Terra
Nova currently has earned a 25.8333% working
interest in PEL 112 (comprised of 2,196 square kilometers - 542,643
gross acres) and upon delivering the completed 3D seismic report on
PEL 444 (comprised of 2,358 square kilometers - 582,674 gross
acres) it will have earned a 25.8333% interest in that license as
well. Both licenses are located on the southwestern flank of the
prolific Cooper Basin in the State of South Australia. The Company
may earn an additional 5.8333% working interest in both licenses
for each of five additional exploration wells drilled, irrespective
of which license the wells are drilled on.
Investment
in Australia's Cooper Basin remains strong. During February 2013,
Chevron announced plans to invest up to $349 million with
Australia's Beach Energy in a search for Cooper Basin shale gas.
Infrastructure investment continues with the addition of bridges,
roads and product flow lines. Beach Energy has stated that the use
of 3D seismic has improved its drilling success rate on the western
flank from 25% for prospects defined by 2D seismic to 50% based on
3D seismic data.
During
2012 and 2013 (to date), Western Flank oil discoveries
have been made near PEL 112 in PEL 91
(Kalladeina 2, Sceale 1, Congony 1, Pennington 1 and Bauer North
1), PEL 92 (Rincon North1, Windmill 1), and; further north near PEL
444 in PEL 111 (Mustang 1 - flowing 2,500 barrels per day on drill
stem test), PEL 104 (Spitfire 2), and PPL 240 (the Snatcher field -
producing over 1,000 barrels per day). These discoveries flowed
from the Namur sandstone and Birkhead Formation. These recent
discoveries add to a robust history of area success stories which
continue to identify the western flank of the Cooper Basin as one
of Australia's hot oil trends.
Terra Nova
and its joint venture partners are evaluating log and sidewall core
data generated during its drilling of the Wolfman #1 exploration
well on PEL 112. The drilling of Wolfman #1
fulfills the minimum work requirement for PEL 112 License Year
Five. Seismic data has been acquired on only 5.7% (31,382 of
542,643 acres) of the land comprising PEL 112. Terra Nova and its
partners believe significant potential
remains for future seismic to identify migration trends and
additional prospects on PEL 112 during the next exploration
term.
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
VP Finance
+41 44 217 4804
invest@niconsult.ch
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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