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Target Energy Limited Provides Update on Fairway Operations

WEST PERTH, AUSTRALIA -- (Marketwired) -- 06/11/14 -- 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 the Permian Basin, West Texas.

  • Drilling has concluded at the Homar #1 well (Target has a 60% Working Interest) with the well reaching a Total Depth of 3,292m (10,800 ft). Homar #1 experienced strong oil and gas shows throughout the Wolfberry section as well as a strong show in the Fusselman Carbonate. Production casing has been run in the well, which will be completed as an oil and gas producer.

  • Drilling is currently underway at Ballarat 185 #1, approximately 5 kms east of the Sydney lease in Glasscock County. Operations commenced on 7 June 2014, with the well presently at a depth of 128m (420 ft), running surface casing. Ballarat 185 #1 will be drilled to a planned Total Depth of 3,350m (11,000 ft) and will test Fusselman and Wolfberry targets. Target has a 60% Working Interest.

  • At Wagga Wagga #2 (Target has a 45% Working Interest), following testing of three zones in the Devonian and Fusselman sections, plans are underway to undertake a fracture stimulation of the lower Wolfberry section -- similar to that performed in Wagga Wagga #1. It is expected that the stimulation program will commence in approximately a months time.

Managing Director, Laurence Roe commented on the operations: "We remain very active. Homar #1 has been cased for production -- not only did we get good shows in the Wolfberry there, but we had a pleasant surprise in the Fusselman with a strong show in that zone. We are drafting plans for the completion program, but expect we will test the Fusselman first. The rig has since moved to our Ballarat 185 #1 location and should take about two weeks to drill that well.

"At Wagga Wagga #2, initial testing indicated that we are on the edge of a Fusselman accumulation that we believe is stratigraphically trapped -- this sets up a good Fusselman prospect just north of this well. In the meantime, we'll complete this well in the Wolfberry. We are waiting on a frac crew and should have that underway in three or four weeks.

"We will have a short break in drilling after Ballarat, but will come back strongly with a minimum three well back-to-back program in August and September, with at least two more wells to follow before the end of the year."

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.

----------------------------------------------------------------------------
                      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 5/06/14 (Western Aust Standard Time) /
                          6:00 am 5/06/14 (USA Central Daylight Time)
----------------------------------------------------------------------------
 Current Depth:              3,292 m (Total Depth). All reported depths are
                           measured below the Rotary Table (RT) on the rig
                                                floor.
----------------------------------------------------------------------------
 Progress                 Drill ahead to 3,292m (10,800 ft); run and cement
                         production casing. Rig released on 4 June 2014.
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                  Well Reporting Summary - Ballarat 185 #1
----------------------------------------------------------------------------
 Name and Type of Well    Ballarat 185 #1, Oil Exploration Well
----------------------------------------------------------------------------
 Well Location            Glasscock County, Texas
----------------------------------------------------------------------------
 Lease Description        S185, Bl 28, A-815 and A-A483, Waco & Northwestern
                         Survey
----------------------------------------------------------------------------
 TEX Working Interest     60%
----------------------------------------------------------------------------
 Report Date              7:00 pm 8/06/14 (Western Aust Standard Time) /
                          6:00 am 8/06/14 (USA Central Daylight Time)
----------------------------------------------------------------------------
 Current Depth:           128 m. All reported depths are measured below the
                         Rotary Table (RT) on the rig floor.
----------------------------------------------------------------------------
 Progress                 Spud well at 10:15am on 6 June 2014. Drill ahead
                         to 128m (420 ft); run and cement surface casing.
----------------------------------------------------------------------------

CONTACT INFORMATION:

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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