Singapore / ACCESSWIRE / September 3, 2014 / Terra Nova Energy Ltd.("Terra Nova") (TSX-V: TGC OTCQX: TNVMF) is pleased to announce the completion of the incremental reprocessing of Petroleum Exploration License ("PEL") 444's Wingman 3D Seismic Survey (the "Wingman Survey") and have begun the interpretation process on the data.
The Wingman Survey, which covers an 84 square kilometers ("km2") area of PEL 444, was acquired in the summer of 2013. Surveying, line clearing and recording operations were undertaken by Terrex Pty Ltd of Perth Australia. The reprocessing of the seismic data using AVO analysis is expected to improve the success rate for blocks having largely stratigraphic traps.
Terra Nova will release further updates including drilling schedules in due course.
PEL 112 Area Update
On August 26, 2014, the Government of South Australia announced the bid winners for the newly released Petroleum Exploration License blocks in the Cooper/Eromanga Basin. A total of 4 blocks (CO2013-A, B, C & D) were awarded to 3 companies for a total combined investment of up to $103.2 million. The CO2013 blocks (CO2013-A, B, C & D) cover an area of more than 9,000 square kilometres and possibly contain conventional and unconventional gas plays.
Terra Nova's PEL 112 block is located in between the CO2013-A and CO2013-C blocks. The CO2013-A and CO2013-C blocks were won by Senex Energy Limited (ASX:SXY) and Bridgeport Energy Pty Ltd respectively. The winning bids for both of these blocks total a combined investment of up to $59.2 million - with a guaranteed spend of $53.4 million.
The bidding results reaffirm our management view on the prospective potential of Terra Nova's PEL 112 block. Terra Nova's PEL 112 block covers an area of 1,086 sq. km (525K acres) and was recently renewed for a further five-year term, and the areas with existing seismic and prospects have been retained.
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.
Lydia Danis
Corporate Communications
T: +1 604 200 1039
Email: lydia@terranovaenergyltd.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 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.
SOURCE: Terra Nova Energy Ltd.