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Target Energy Limited Issues Fairway Project Update

WEST PERTH, AUSTRALIA -- (Marketwired) -- 05/12/14 -- 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 Wagga Wagga #2 has concluded with the well reaching Total Depth at 2,984m (9,790 ft) on 30 April 2014. Preliminary analysis of wireline log data confirms that the well has encountered potential pay in the Wolfberry section and Fusselman Carbonate. The well is to be completed as an oil producer, with production casing presently being run. On release the rig will move directly to the Homar #1 location.

  • As announced on 26 March 2014, a 4-stage fracture stimulation program of the Wolfberry section in the BOA 12 #3 well is currently underway. The program extends over a 225m (740 ft) interval, using approximately 15,000 barrels of load water. The well is presently being flowed back.

  • Plans for testing of the Fusselman on the BOA North #4 well are advancing with work expected to commence within the week.

Managing Director, Laurence Roe commented on the operations: "Drilling at Wagga Wagga #2 has just finished and we had good shows while drilling.

"Our preliminary review of the logs confirms its prospectivity in the Wolfberry section and indicates it may be superior to Wagga Wagga #1. Interestingly, the Fusselman Carbonate looked better than we expected and we will test it before considering a Wolfberry completion.

"The frac at BOA 12 #3 is currently underway - it has gone smoothly and we have just started flowing the well back with approximately 15,000 barrels of load water left to recover.

"The next well, Homar #1, is approximately 20 kms (12 miles) west of our Darwin wells. We expect it to be a Wolfberry well. It should spud in the next few days and take a little over two weeks to get to its programmed Total Depth of 3,230m (10,600 ft)."

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 LaurenceRoe, B.Sc, Managing Director of Target Energy Limited, who is a member of the Society of Exploration Geophysicists and has over 30 years' experience in the sector. He consents to the reporting of that information in the form and context in which it appears.

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                   Well Reporting Summary - Wagga Wagga #2
----------------------------------------------------------------------------
Name and Type of Well   Wagga Wagga #2, Step Out/Appraisal (Oil)
----------------------------------------------------------------------------
Well Location           Glasscock Co, Texas
----------------------------------------------------------------------------
Lease Description       E/2 S221, Block 29, A-496; W&NW RR Co Survey
----------------------------------------------------------------------------
TEX Working Interest    45%
----------------------------------------------------------------------------
Report Date             7:00 pm 1/05/14 (Western Aust Standard Time) / 6:00
                        am 1/05/14 (USA Central Daylight Time)
----------------------------------------------------------------------------
Current Depth:          2,984.0m (Total Depth). All reported depths are
                        measured below the Rotary Table (RT) on the rig
                        floor.
----------------------------------------------------------------------------
Progress                Well spudded 04:00 on 15 April 2014. Drill to Total
                        Depth at 2,984.0m (9,790 ft). Run wireline logs; run
                        and cement 5 1/2" production casing to 2,984.0m.
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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

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