Terra Nova Resources Inc. (TNR) has completed a seismic reprocessing and merge project within its onshore petroleum exploration license PEL 444 on the western flank of the Cooper Eromanga Basin in the State of South Australia. 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.