SOURCE: Target Energy Limited

Target Energy Limited

December 06, 2013 13:54 ET

Target Energy Limited Announces Drilling Commences at Sydney #2

WEST PERTH, AUSTRALIA--(Marketwired - Dec 6, 2013) -  US-focused oil and gas producer Target Energy Limited ("Target") (OTCQX: TEXQY) (ASX: TEX) is pleased to advise that drilling operations commenced at the Sydney #2 well in the company's Fairway Project in West Texas at 12.00 am on Monday 26 November 2013, USA CST (operations report below).

Sydney #2 is located approximately 800 meters east of Sydney #1 and will target both the Wolfberry and Fusselman sections. It will be drilled to approximately 3,070m (10,070 ft) and is expected to take approximately two weeks to drill.

Sydney #2 Operations Update
Target WI: 60%

All reported depths are measured below the Rotary Table (RT) on the rig floor.

Report Date:     
8:00 pm 27/11/13 (Western Aust Standard Time) /                              
6:00 am 27/11/13 (USA Central Standard Time)

Current Depth: 
434.3m (1,425 ft)

Progress:            
Commence drilling at 0000 hrs 26 November (US Central Standard Time). Drill ahead to 423.3m (1,425 ft). Prepare to run surface casing. 

For and on behalf of TARGET ENERGY LIMITED

Managing Director

NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Mr. Laurence Roe, B Sc, Managing Director of Target Energy, who is a member of the Society of Exploration Geophysicists and has at over 30 years' experience in the sector. He consents to that information in the form and context in which it appears.

Contact Information

  • Media Inquiries:
    USA
    Bradley Holmes
    Target Investor Relations (Houston)
    +1 713 304 6962 cell
    +1 713 654 4009 direct

    Laurence Roe
    Target Energy
    +1 713 275 9800 direct

    Australia
    Ross Dinsdale
    Business Development Manager (Perth)
    +61 429 702 970 cell
    +61 8 9476 9000 direct