Terra Nova Minerals signs geophysical data acquisition agreement

Terra Nova Minerals Inc. has signed an agreement with Geokinetics (Australia) Pty. Ltd. of Brisbane, for a 127 square kilometre 3D seismic survey.

Geokinetics will undertake the survey on the northern boundary of Petroleum Exploration License (PEL) 112 on the western flank of the Cooper Eromanga Basin in South Australia.

The survey is expected to commence in early August 2012 and will include the shooting and processing of the 3D data acquired. Crews are currently in the field completing line clearing and survey work.

The 3D program is anticipated to cost up to AUS$3.7 million, and is expected to take up to 120 days to complete. The survey will identify potential multi-zone drilling targets including the Namur, Hutton and Birkhead shale down to 7000 feet.

Terra Nova has identified over 27 leads having potential drilling locations. Its geologists and geophysicists have isolated and high-graded 12 of the 27 leads that will be the focus of the Geokinetics 3D survey, of which four are currently considered drillable. 

On completion of the 3D survey, Terra Nova will earn a 20 per cent working interest in PEL 112 and may opt to have Geokinetics shoot a similar 3D seismic survey on PEL 444.

Terra Nova Minerals Inc. is a Calgary, Canada-based oil and gas company.