Cooper Basin Updateadmin
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.
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.
+41 44 217 4804
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.
Posted: November 4th, 2013 under ACCESSWIRE.