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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

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