Welcome!

News Feed Item

Target Energy Provides Update on Its Fairway Project in West Texas

WEST PERTH, AUSTRALIA -- (Marketwired) -- 05/27/14 -- 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 .

  • 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        9 days
Undertaken
----------------------------------------------------------------------------
Hydrocarbon Phases       627 Barrels of Oil (27%) + Gas (not measured)
Recovered
----------------------------------------------------------------------------
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       Four stages
Stimulations
----------------------------------------------------------------------------
Material Volumes of Non- Nil
Hydrocarbon Gases
----------------------------------------------------------------------------




----------------------------------------------------------------------------
                           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        4 days
Undertaken
----------------------------------------------------------------------------
Hydrocarbon Phases       101 Barrels of Oil (24%) + Gas (not measured)
Recovered
----------------------------------------------------------------------------
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       Nil
Stimulations
----------------------------------------------------------------------------
Material Volumes of Non- Nil
Hydrocarbon Gases
----------------------------------------------------------------------------

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...