Vancouver, British Columbia / ACCESSWIRE / August 8, 2014 / Terra Nova Energy Ltd.(the "Company" or "Terra Nova") (TSX-V: TGC OTCQX: TNVMF) announces a correction to the news release disseminated on August 6, 2014. The last sentence of the fourth paragraph should have read "The reprocessing of Wingman and integration with Charo-Snatcher is expected to be completed in late August. The drilling process is expected to begin in the fourth quarter 2014." The corrected news release is set forth below:
The Company is pleased to announce that it has begun the reprocessing of the Wingman 3D ("Wingman") seismic survey that was acquired on the Company's Petroleum Exploration License ("PEL") 444 located in Cooper/Eromanga Basin, South Australia.
The Company first acquired the Wingman survey, which covers an 84 sq km area of PEL 444, in the summer of 2013. Subsequently, initial data processing of the Wingman was completed in November 2013. The data has since been analyzed in detail by members of the Terra Nova team and as many as nine prospects and leads were mapped earlier this year.
The targets are all associated with the Birkhead Formation (Birkhead) which is the main producer in the Charo-Snatcher field and located approximately 21 km South-East of Wingman. When the Company began the process of integrating the Charo-Snatcher field data with the Wingman survey, it became evident that producing wells in Birkhead have subtle stratigraphic features including channel sands and crevasse splays. These stratigraphic features have very distinct amplitude signatures on the seismic data further emphasizing the importance of amplitude-friendly processing. The Charo-Snatcher field is predominantly associated with light oil production but also has dissolved gas. It is believed that a portion of the amplitude response is influenced by the gas and techniques such Amplitude Versus Offset (AVO) can be utilized to determine the presence of hydrocarbon bearing Birkhead sand.
In order to further de-risk the already mapped prospects and leads the Company decided to re-process the data with the primary objective of relative amplitude preservation with the broadest possible bandwidth necessary for AVO - mapping techniques The reprocessing of Wingman and integration with Charo-Snatcher is expected to be completed in late August. The drilling process is expected to begin in the fourth quarter 2014.
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 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.