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News Desk 2018

May 27, 2014 at 4:30 PM

Target Energy Ltd (TEXQY: OTCQX International) | Target Energy Provides Update on Its Fairway Project in West Texas Target Energy Provides Update on Its Fairway Project in West Texas

Target Energy Provides Update on Its Fairway Project in West Texas

WEST PERTH, AUSTRALIA--(Marketwired - May 27, 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 .

The Homar #1 well (Target has a 60% Working Interest) is presently drilling ahead at 2,710 m (8,890 ft). Total Depth of the well is planned at 3,230 m (10,600 ft) and will test the Wolfberry section. Drilling operations commenced on 5 May 2014, with the well expected to reach its Total Depth within the week.
Following the conclusion of drilling at Homar #1, the drill rig will immediately move to the Ballarat lease, approximately 5 kms east of the Sydney lease. The Ballarat 185 #1 well will be drilled to a planned Total Depth of 3,350 m (11,000 ft) and will test Fusselman and Wolfberry targets. Target has a 60% Working Interest in the Ballarat lease.
At BOA 12 #3 (Target has a 60% Working Interest), oil production is steadily building with an average of 101 BOPD plus 152 BW over the last three days. This follows a 4-stage fracture stimulation program of the Wolfberry section that was undertaken on 2 May 2014. The well is now on pump with approximately 52% of the load water (8,090 barrels) recovered.
At BOA North #4 , the Fusselman Carbonate recovered oil on test and the well has been put on pump. Initial oil production was 25 BOPD in the first four days. Additional stimulation is being planned. Target has a 60% Working Interest in the lease.
At Wagga Wagga #2 (Target has a 45% Working Interest), testing of up to three zones in the Devonian and Fusselman sections is underway and also has extensive potential pay identified in the Wolfberry section.

Managing Director, Laurence Roe commented on the operations: "We remain very active. BOA 12 #3 is flowing back after the Wolfberry frac with an increasing oil rate up to 103 BOPD. We have also successfully tested oil in the Fusselman at BOA North #4 and we are looking at ways to further increase the rate.

"Wagga Wagga #2 looks good in the Wolfberry and also has some interesting zones deeper down in the Fusselman and Devonian sections -- we are in the process of testing those deeper zones now.

"Beyond the testing programs, Homar #1 is drilling ahead with good shows and is just a few days from reaching Total Depth. Following that we will move the rig to the Ballarat lease to drill a Wolfberry & Fusselman test."

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. Note also that Target reports a thermal equivalent when combining gas and oil production, where 1BOE = 6 mcf.



Well Reporting Summary - Homar #1
Name and Type of Well	Homar #1, Oil Exploration Well
Well Location	Howard Co, Texas
Lease Description	S24, Bl 35 A-1538; T&P RR Co Survey, Howard Co
TEX Working Interest	60%
Report Date	7:00 pm 27/05/14 (Western Aust Standard Time) / 6:00 am 27/05/14 (USA Central Daylight Time)
Current Depth:	2,710 m. All reported depths are measured below the Rotary Table (RT) on the rig floor.
Progress	Well spudded 04:00 on 5 May 2014. Drill to 1,556 m (5,104 ft), run intermediate casing. Drill ahead to 2,710 m (8,890 ft).



Well Reporting Summary
Name and Type of Well	BOA 12 #3, Step Out/Appraisal (Oil)
Well Location	Howard Co, Texas
Permit	S12, Block 33 T-2S, A-1353, T&P RR Survey
TEX Working Interest	60%
Geological Rock Type	Permian to Mississippian Shales & Carbonates
Depth of Zones Tested	app 2,800m - 3,000m
Type of Tests Undertaken	Flowback, post-fracture stimulation
Duration of Tests Undertaken	9 days
Hydrocarbon Phases Recovered	627 Barrels of Oil (27%) + Gas (not measured)
Other recovery	1598 Barrels of Water (73%); app 7,600 barrels of load still water to recover
Choke Size Used	On Pump
Flow Rates	Average: 70 BOPD + 177 BWPD (15-23 May 2014) Last 24 hrs: 103 BOPD + 150 BWPD (23 May 2014)
Number of Fracture Stimulations	Four stages
Material Volumes of Non-Hydrocarbon Gases	Nil



Well Reporting Summary
Name and Type of Well	BOA North #4, Step Out/Appraisal (Oil)
Well Location	Howard Co, Texas
Permit	S12, Block 33 T-2S, A-1353, T&P RR Survey
TEX Working Interest	60%
Geological Rock Type	Fusselman Carbonate
Depth of Zones Tested	App 3,050m
Type of Tests Undertaken	Perforate / Acidise
Duration of Tests Undertaken	4 days
Hydrocarbon Phases Recovered	101 Barrels of Oil (24%) + Gas (not measured)
Other recovery	296 Barrels of Water (76%);
Choke Size Used	On Pump
Flow Rates	25 BOPD + 74 BWPD (20-23 May 2014)
Number of Fracture Stimulations	Nil
Material Volumes of Non-Hydrocarbon Gases	Nil

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

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