This apparently is what TGC is about, little bit interesting. 65 mil out, comin off a short term bottom.
Terra Nova to explore PEL 444 after Wolfman failure
2013-08-20 08:36 ET - News Release
Mr. Henry Aldorf reports
TERRA NOVA PROVIDES COOPER BASIN UPDATE
Terra Nova Energy Ltd. is providing an update on its Cooper basin strategy and operations.
"Notwithstanding the lack of success on our Wolfman No. 1 exploration well, we remain highly confident about the potential of our Cooper basin assets," stated Henry Aldorf, Terra Nova's acting chief executive officer. "By no means are we abandoning PEL 112, however further study is required before we begin another exploration campaign on this licence. While that work is under way, we are moving ahead with exploration of PEL 444 as quickly as possible."
Acquisition of 80 square kilometres of 3-D seismic data on PEL 444 (the Wingman survey) began May 28, 2013, and was completed on July 2, 2013. The Wingman survey will fulfill the minimum work requirements for PEL 444 licence year three. Processing of data from the Wingman Survey is 30 per cent complete. Final interpretation of survey results is anticipated in October, 2013. The timing of follow-on drilling on PEL 444 will be announced when determined. Terra Nova currently has earned a 25.8333-per-cent working interest in PEL 112 (comprising 2,196 square kilometres -- 542,643 gross acres) and upon delivering the completed 3-D seismic report on PEL 444 (comprising 2,358 square kilometres -- 582,674 gross acres) it will have earned a 25.8333-per-cent interest in that licence as well. Both licences are located on the southwestern flank of the prolific Cooper basin in the state of South Australia. The company may earn an additional 5.8333-per-cent working interest in both licences for each of five additional exploration wells drilled, irrespective of which licence the wells are drilled on.
Investment in Australia's Cooper basin remains strong. During February, 2013, Chevron announced plans to invest up to $349-million with Australia's Beach Energy in a search for Cooper basin shale gas. Infrastructure investment continues with the addition of bridges, roads and product flow lines. Beach Energy has stated that the use of 3-D seismic has improved its drilling success rate on the western flank from 25 per cent for prospects defined by 2-D seismic to 50 per cent based on 3-D seismic data.
During 2012 and 2013 (to date), Western Flank oil discoveries have been made near PEL 112 in PEL 91 (Kalladeina 2, Sceale 1, Congony 1, Pennington 1 and Bauer North 1), PEL 92 (Rincon North 1, Windmill 1), and farther north near PEL 444 in PEL 111 (Mustang 1 -- flowing 2,500 barrels per day on drill stem test), PEL 104 (Spitfire 2) and PPL 240 (the Snatcher field -- producing over 1,000 barrels per day). These discoveries flowed from the Namur sandstone and Birkhead formation. These recent discoveries add to a robust history of area success stories which continue to identify the western flank of the Cooper basin as one of Australia's hot oil trends. Terra Nova and its joint venture partners are evaluating log and sidewall core data generated during its drilling of the Wolfman No. 1 exploration well on PEL 112. The drilling of Wolfman No. 1 fulfills the minimum work requirement for PEL 112 licence year five. Seismic data have been acquired on only 5.7 per cent (31,382 of 542,643 acres) of the land comprising PEL 112. Terra Nova and its partners believe significant potential remains for future seismic to identify migration trends and additional prospects on PEL 112 during the next exploration term. |
