Terra Nova Earns 25.8333% Working Interest in PEL 444
February 26 2014 - 8:20AM
Access Wire
February 26, 2014
- Vancouver, British Columbia -
Terra Nova Energy
Ltd. ("Terra Nova") (TSX-V: TGC OTCQX: TNVMF)
is pleased to announce that it has earned
a 25.8333% working interest in Petroleum Exploration Licence
("PEL") 444 as a result of delivering the Wingman 3D seismic survey
to the owners of PEL 444.
Earning a 25.833%
interest in PEL 444 meets a corporate milestone of Terra
Nova. Management is currently
assessing the next steps to advance the exploration program,
including integrating the Wingman 3D seismic survey with the 2005
2D seismic data.
About PEL 444
PEL 444 is located in
the prospective "Western Oil Fairway" of the Cooper/Eromanga Basin in South Australia, where 22 oil fields
have been discovered in the last eight years; current production
exceeds 15,000 barrels of oil per day. Oil has been encountered in
the Namur Sandstone and in channel sandstones of the Birkhead
Formation within both structural and stratigraphic trapping
configurations. The application of 3D geophysical data in
prospecting for hydrocarbon has been instrumental to exploration
success given the low structural relief and/or stratigraphic nature
of hydrocarbon accumulation in this part of the basin.
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.
Rob McMorran
Chief Financial Officer
T: 604-806-0626 ext. 101
Email: rgm@malaspinaconsultants.com
Nico
Civelli,
VP Finance
T: +41 44 217 4804
Email: 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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