News Feed Item

Target Energy Limited Provides Update on Fairway Operations

WEST PERTH, AUSTRALIA -- (Marketwired) -- 08/11/14 -- 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 is now underway at BOA North #5 in Howard County (Table 1), in which Target has a 50% Working Interest ("WI"). The well will be drilled to a planned depth of 3,030m (9,942 ft) and will test both the Fusselman and Wolfberry targets.

  • Following BOA North #5, the rig will mobilise to the Taree #1 well in Glasscock County, in which Target has a 50% WI. The well lies approximately 2 km south east of the Ballarat 185 #1 well. The well will be drilled to a planned depth of 3,048m (10,000 ft) and will test both the Fusselman and Wolfberry targets.

  • Drilling at Bunbury #1 has been rescheduled to Q4 to accommodate delays in site building. The partners have agreed to move the proposed Darwin #4 well forward to replace Bunbury. Darwin #4 will be located just to the south of Darwin #1 (Fusselman production) in Howard County and will target both Fusselman and Wolfberry objectives. Drilling at Darwin #4 is expected to be underway in September. Target has a 50% WI in the Darwin lease.

  • Wagga Wagga #2 was put on pump on 1 August 2014 following fracture stimulation in July. Oil production at the well has continued to increase with last reported production of 110 BOPD with 195 BWPD. Approximately 12,500 barrels of load water are yet to be recovered (Table 2). Target has a 35% WI in the Wagga Wagga lease.

  • Homar #1 was put on pump on 5 August 2014 following fracture stimulation in July. In the first 3 days of production the well averaged 49 BOPD with 234 BWPD and (estimated) 150 mcfgd. Approximately 12,037 barrels of load water are yet to be recovered (Table 3). Target has a 50% WI in Homar #1.

  • Fracture stimulation at BOA North #4 is imminent with the work scheduled to commence in the week of 11 August 2014. Target has a 50% WI.

Managing Director, Laurence Roe commented: "Both Homar #1 and Wagga Wagga #2 are now on pump and initial flow rates look encouraging. With the stimulation of BOA North #4 planned for this week we expect to see these wells add to our production rates. Although, as we previously noted, it is taking longer to schedule fracture stimulation crews, we expect to get a crew to Ballarat 185 #1 in mid-September.

"In the meantime we will complete our drilling programs at BOA North #5 and Taree #1 -- the rig will then move off to drill one well in an adjacent area before returning to Darwin #4 in late September.

"The remainder of 2014 will be a busy period for Target and the Board remains confident the Company is on track to complete its 10 well drill program by 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 - BOA North #5
Name and Type of Well   BOA North #5, Oil Development Well
Well Location           Howard County, Texas
Lease Description       S12, Block 33 T-2S, A-1353, T&P RR Survey
TEX Working Interest    50%
Report Date             7:00 pm 8/08/14 (Western Aust Standard Time) /
                        6:00 am 8/08/14 (USA Central Daylight Time)
Current Depth:          1,388m. All reported depths are measured below the
                        Rotary Table (RT) on the rig floor.
Progress                Spud well at 03:30 hrs on 30 Jul 2014. Drill ahead
                        to 416.4m (1,366 ft); run and cement surface casing.
                        Drill ahead to 1,388m (4,390 ft); prepare to run
                        intermediate casing.
Table 1

Well Reporting Summary - Wagga Wagga #2
Name and Type of Well                    Wagga Wagga #2, Oil Producer
Well Location                            Glasscock Co, Texas
Lease                                    S221, Block 29, A-496; W&NW RR Co
                                         Survey, Glasscock Co
TEX Working Interest                     35%
Geological Rock Type                     Wolfberry - carbonates, shales and
                                         minor sandstone
Depth of Zones Tested                    2,453m - 2,893m
Type of Tests Undertaken                 On production
Duration of Tests Undertaken             Put on pump on 1 August 2014
Hydrocarbon Phases Recovered             Oil, Gas
Other recovery                           11,048 Barrels of Load Water (total
                                         load now recovered: 47%)
Choke Size Used                          On pump
Flow Rates                               110 BOPD + 195 BWPD (7 August 2014)
                                         58 BOPD + 226 BWPD (Average 1 - 7
                                         August July 2014)
Number of Fracture Stimulations          7 zones stimulated
Material Volumes of Non-Hydrocarbon
 Gases                                   Nil
Table 2

Well Reporting Summary - Homar #1
Name and Type of Well                    Homar #1, Oil & Gas Producer
Well Location                            Howard Co, Texas
Lease                                    S24, Bl 35 A-1538; T&P RR Co
                                         Survey, Howard Co
TEX Working Interest                     50%
Geological Rock Type                     Wolfberry - carbonates, shales and
                                         minor sandstone
Depth of Zones Tested                    2,832m -3,160m
Type of Tests Undertaken                 On production
Duration of Tests Undertaken             Put on pump on 5 August 2014
Hydrocarbon Phases Recovered             Oil, Gas
Other recovery                           12,037 Barrels of Load Water (total
                                         load now recovered: 69%)
Choke Size Used                          On pump
Flow Rates                               47 BOPD + 240 BWPD + est 150 mcfgd
                                         (7 August 2014)
                                         49 BOPD + 234 BWPD (Average 5 - 7
                                         August July 2014)
Number of Fracture Stimulations          7 zones stimulated
Material Volumes of Non-Hydrocarbon
 Gases                                   Nil
Table 3


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

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
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...