SINGAPORE, SINGAPORE--(Marketwired - Oct 27, 2015) - Terra Nova Energy Ltd. (TSX VENTURE:TGC)(TNVMF)(GLTN.F) ("Terra Nova" or the "Company") is pleased to announce that Senex Energy Ltd. ("Senex") has been selected to drill the Baikal #1 well on Petroleum Exploration License (PEL) 444 on behalf of the Joint Venture. Terra Nova, as operator, obtained a competitive rate by leveraging Senex's current drilling program in this region. Senex currently operates a large acreage position in the Cooper-Eromanga Basins and has completed several successful drilling programs that have led to new oil discoveries within those basins.
Henry Aldorf, Terra Nova's President and CEO, stated, "We are pleased to work with Senex Energy. Senex's nearby exploration experience at the Snatcher oil field, which is geologically similar to our acreage in PEL 444, will be a great asset for the Company." Furthermore, Mr. Aldorf stated, "We are looking forward to drilling the Baikal #1 well which is designed to test a large prospective target on PEL 444."
The drilling program is expected to commence in early December and includes one well to test the Baikal #1 target, which will be drilled as a vertical slim-hole well down to the Pre-Jurassic Unconformity to an expected depth of 2,050 meters (6,700 feet) targeting the Mid-Birkhead channel sands.
Terra Nova's technical team has identified multiple drill-ready targets based on reprocessed data from the Wingman 3D seismic survey. The Company looks forward to working with its Joint Venture partners to complete additional drilling on PEL 444 and PEL 112.
Upon completion of the drilling program in PEL 444 the license will be held in good standing until 2020. Terra Nova renewed PEL 112 in 2014 and the license remains in good standing until 2019.
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is an oil and gas company with a 20.66% working interest in two onshore Petroleum Exploration Licenses ("PELs"), 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."
This news release contains forward-looking information relating to Terra Nova's intentions to conduct the 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.