SOURCE: Target Energy Limited
WEST PERTH, AUSTRALIA--(Marketwired - Mar 12, 2014) - US-focused oil and gas producer Target Energy Limited ("Target") (OTCQX: TEXQY) (ASX: TEX) is pleased to provide an operations update on its Fairway Project in West Texas.
- At Sydney #2, production has now exceeded 520 BOEPD (415 BOPD plus 640 mcfgd) -- which is now almost 65% more than the initial high-end production rate (announced 26 February 2014).
- Drilling at BOA 12 #3 is continuing at a depth of 1,942m. The well is considered to be a low risk, step-out well and has a planned Total Depth of 3,048m (10,000 ft). It will test both the Wolfberry and Fusselman sections.
- At Wagga Wagga #1, the completion and testing program remains underway. The fracture-stimulated Devonian section is recovering approximately 22 barrels of fluid per day with an oil cut of 20%. Plans for a more extensive stimulation program are progressing with work expected to commence later this month. Oil production from the Devonian section will be commingled with that from the later stimulation program.
Managing Director, Laurence Roe commented on the increase in production at Sydney #2: "The Fusselman production took another step up last week, breaking through the 500 BOEPD mark and continuing to set production records for the company.
"Meanwhile, drilling continues at our next Fusselman and Wolfberry test, the BOA 12 #3 well in Howard County. We expect to be at Total Depth early next week."
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, BSc, Managing Director of Target Energy, who is a member of the Society of Exploration Geophysicists and has over 30 years' experience in the sector. He consents to that information in the form and context in which it appears.