TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Terra Nova Resources Inc. (“TNR” or “the Company”) (CSE: TENO) is pleased to announce that the Company has completed a seismic reprocessing and merge project within its onshore petroleum exploration license PEL 444. This project includes 90 km2 of 3D seismic data, and the study was prompted by the Hoplite-1 well results drilled by Senex Energy in mid-2017. The Hoplite-1 well is situated 3 km away from the Maverick prospect previously mapped within Terra Nova’s PEL 444. The Hoplite-1 well encountered and retrieved small amounts of oil from the Birkhead Formation, which is considered the principal exploration target in PEL 444, including Maverick as well.
The newly reprocessed PSTM (pre-stack time migration) data encompassing the Wingman and Jasmine 3D volumes has revealed several potentially encouraging results. Interpretation of the amplitude data show that Maverick has the potential to become a better constrained prospect than Hoplite both found in very similar structural settings. Further exploration is however warranted in order to prove this thesis.
About Terra Nova Resources Inc.
Terra Nova Resources Inc. is an oil and gas company that has a 51.49% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, including a 1.47% gross overriding royalty interest on the PELs, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia.
For more information please contact:
Mark Lawson CEO & Director Terra Nova Resources Inc. T: +1 647 256 1986 Email: [email protected]
This news release contains forward-looking information relating to TNR'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 TNR will be successful in making such findings in Australia. In making such forward- looking statements, TNR have relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to TNR 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 TNR may elect to, TNR is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Source: GlobeNewswire
(October 10, 2018 - 9:00 AM EDT)
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