SOURCE: Target Energy Limited

Target Energy Limited

March 26, 2014 10:51 ET

Target Energy Limited Provides Update on Its Fairway Project, West Texas

WEST PERTH, AUSTRALIA--(Marketwired - Mar 26, 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.

  • Drilling at BOA 12 #3 has concluded with the well reaching Total Depth at 3,101m (10,175 ft). Preliminary analysis of wireline log data has confirmed that the well has encountered potential pay in the Fusselman Carbonate as well as in numerous zones within the Wolfberry Section. The well is to be completed as an oil producer.

  • At Wagga Wagga #1, the completion and testing program remains underway. The planned fracture-stimulation of the Wolfberry section is scheduled to commence later this week.

Managing Director, Laurence Roe commented on the operations: "Drilling has finished at BOA 12 #3 with both the Fusselman and Wolfberry sections looking productive. We will test the Fusselman first, before making a decision regarding the timing of a Wolfberry frac. We expect the testing program to commence within a few weeks. In the meantime, the rig has moved directly to the BOA North #4 location to start operations there.

"As also noted, we should be fracture-stimulating the Wagga Wagga #1 well later this week. We will frac up to 11 stages over a 700 metre interval. There have been some strong flows from local wells that have been completed in a similar manner, so we are looking forward to a good result."

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, 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.

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