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Terra Nova engages Senex Energy to complete first well on PEL 444

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Oilfield Technology,

Terra Nova Energy Ltd has announced that Senex Energy Ltd 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.

Edited from press release by

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