Terra Nova Energy Ltd. was formed to pursue significant exploration potential in Australia's Cooper/Eromanga Basin, the country's largest producing onshore basin. While Australia has had a vibrant offshore industry, those fields are now mature and activity is shifting to onshore oil and gas provinces. The country has more than 50 sedimentary basins, of which only 12 are producing oil and gas. Terra Nova's two blocks are surrounded by new discoveries and producing fields.
The company was renamed Terra Nova Energy Ltd. in August 2012 (previously known as Terra Nova Minerals Ltd.) to reflect its focus solely on exploration and development in the Cooper/Eromanga basin.