Cooper Basin Update
November 04 2013 - 1:08PM
Access Wire
November 4, 2013
- Vancouver, British Columbia -
Terra Nova Energy
Ltd. (TSX-V -
TGC) announces an update on the
status of the Cooper Basin strategy and operations.
Petroleum
Exploration Licence ("PEL") 444
The processing of 80 square
kilometers of 3D Seismic data on PEL 444 (the "Wingman Survey") is
scheduled for completion by November 8, 2013. Seismic
interpretation of the Wingman Survey is now projected to be
available by the end of November 2013. 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, Holloman will announce the likely drill date
for its initial well on PEL 444.
PEL 112
The drilling of the
Wolfman #1 well completed the work requirements for the current
term of PEL 112. Terra Nova intends to renew that licence for a
further five year term. Under Australian law, at the end of each
five year term, a portion of the area covered by a PEL (33% of the
original license acreage) must be relinquished. As a result, the
upcoming application (second renewal) will cover 50% of PEL 112's
current license area. Terra Nova and its working interest partners
in PEL 112 are currently reviewing the relinquishment requirements.
The renewal application will most likely contain further commitment
to 3D seismic acquisition and drilling over the 5-year period. The
renewed area will retain the areas of 2D and 3D seismic acquired in
the licence, and the existing leads and prospects.
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
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.
Terra Nova Energy Ltd. (TSXV:TGC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Terra Nova Energy Ltd. (TSXV:TGC)
Historical Stock Chart
From Sep 2023 to Sep 2024