|By Marketwired .||
|February 5, 2014 11:03 AM EST||
WEST PERTH, AUSTRALIA -- (Marketwired) -- 02/05/14 -- 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.
Work continues at Sydney #2 to reduce the volume of water accompanying the oil. A second cement squeeze has been performed to assist minimising the water, with the well now being put on pump.
At Wagga Wagga #1, the completion and testing program is underway. The first of three planned tests in the Ellenburger Formation was undertaken on 31 Jan 2014 over a 0.6m interval at a depth of approx. 3,030m. The test recovered only water with no hydrocarbons present. Testing of the second Ellenburger zone is set to commence.
Maintenance is underway on wells in the Company's Darwin lease following the extreme winter weather in December and January.
The Company is progressing a number of supplementary funding options for the 2014 Fairway drilling program, including an option to farm-out a portion of its Working Interest in a number of the planned wells.
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.
Target Investor Relations (Houston)
+1 713 304 6962 cell
+1 713 654 4009 direct
+1 713 275 9800 direct
Business Development Manager (Perth)
+61 429 702 970 cell
+61 8 9476 9000 direct