SOURCE: Target Energy

Target Energy

November 10, 2014 16:15 ET

Target Energy Limited Provides Fairway Operations Update

WEST PERTH, AUSTRALIA--(Marketwired - November 10, 2014) - US-focused oil and gas producer Target Energy Limited ("Target") (OTCQX: TEXQY) (ASX: TEX) is pleased to provide a Fairway operations and corporate update.

US-focused oil and gas producer Target Energy Limited ("Target") provides the following operations update for its Fairway Project in West Texas.

  • In Glasscock County, Ballarat 185 #1 (Target WI: 50%) was put on pump on 5 November 2014. Initial production in the following three days averaged 117 BOPD and 253 BW with "strong gas" reported (Table 1). The well still has approximately 18,400 BW to recover.
  • Completion of the Fusselman carbonate is underway at BOA North #5 in Howard County (Target WI: 50%). A completion rig was mobilized to the site on 6 November 2014.
  • At the Taree 193 #1 well in Glasscock County (Target WI: 50%), a fracture stimulation program has been scheduled for 20 November 2014. Potentially productive pay zones in the Ellenburger and Fusselman zones will be tested prior to the stimulation program.
  • Drilling at the proposed Darwin #4 well in Howard County (Target WI: 60%) is expected to commence within two weeks. The well is situated approximately 1,800 ft south of the Company's 2012 Darwin #1 discovery well and will target both Fusselman and Wolfberry intervals.

Managing Director Laurence Roe noted: "Work is progressing at a number of our wells. The initial oil production at the Ballarat 185 #1 well is promising and we will continue to monitor the flow rate there. We have also started work at the BOA North #5 well to complete it for production from the Fusselman section and also expect to progress the completion and testing at Taree 193 #1 in the next few weeks.

"At Darwin #4 we are just waiting on the rig and will commence drilling as soon as we can mobilise it to the site. We should have a result there by early December. With its proximity to Darwin #1 we believe that Darwin #4 -- in addition to the Wolfberry section -- has a particularly strong chance of having a productive Fusselman Carbonate."

Laurence Roe
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 over 30 years' experience in the sector. He consents to that information in the form and context in which it appears.

 
Well Reporting Summary - Ballarat 185 #1  
Name and Type of Well Ballarat 185 #1, Oil & Gas producer
Well Location Glasscock Co, Texas
Lease S185, Bl 28, A-815 and A-A483, Waco & Northwestern Survey
TEX Working Interest 50%
Geological Rock Type Wolfberry - carbonates, shales and minor sandstone
Depth of Zones Tested 2,168 - 2,909m
Type of Tests Undertaken Ongoing flow-back after fracture stimulation
Duration of Tests Undertaken Well put on pump 5 November 2014
Hydrocarbon Phases Recovered Oil and Gas
Other recovery Load Water (total load now recovered: 35%)
Choke Size Used On pump
Flow Rates 117 BOPD + 253 BWPD + "strong gas" (not measured). Rates are average (6 - 8 Nov 14)
Number of Fracture Stimulations 9 zones stimulated
Material Volumes of Non-Hydrocarbon Gases Nil
   

Contact Information

  • CONTACT INFORMATION:

    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