SINGAPORE, SINGAPORE--(Marketwired - Dec. 9, 2015) - Terra Nova Energy Ltd. ("Terra Nova") (TSX VENTURE:TGC)(OTCQX:TNVMF), the Operator of Petroleum Exploration License (PEL) 444, advises that it drilled through the Mid-Birkhead channel, as prognosed by the seismic interpretation.
The well reached target depth (TD) at a depth of 2176 meters, 7138 feet, on time and under budget. No hydrocarbons were found to be present and therefore the well will be plugged and abandoned.
Henry Aldorf, CEO of Terra Nova, stated, "Although there were no hydrocarbon shows, the well proved the existence of the Mid-Birkhead channel system in PEL 444.These results will be included to improve our exploration model. The experience in the Cooper Eromanga basin has shown both wet and Hydrocarbon filled channels can exist in close proximity to each other. We have plans, once this model is updated, to review other targets in the existing 3D covered area, which is only a fraction of PEL 444. Terra Nova has the necessary finance to continue to fund its share of a future exploration program. With this well we have fulfilled our obligations on PEL 444 and enter a new five year licence period."
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.
(December 9, 2015 - 4:15 PM EST)
News by QuoteMedia