Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Elizabeth White, Dana Gardner, tru welu, Blue Box Blog

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

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

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
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackI...
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT transformation?
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.