Last A$0.06 AUD
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target energy ltd (TEX) Snapshot

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08/21/13 - A$0.07
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03/10/14 - A$0.04
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target energy ltd (TEX) Details

Target Energy Limited explores for, develops, and produces oil and gas in the United States. The company primarily develops the Fusselman and Wolfcamp horizons on its 4,529 gross non-operated leasehold in the Permian Basin. As of June 30, 2013, it had proved, probable, and possible reserves of 2.0 MMBOE. The company was founded in 2006 and is based in West Perth, Australia.

Founded in 2006

target energy ltd (TEX) Top Compensated Officers

Managing Director and Director
Total Annual Compensation: A$316.2K
Vice President of Finance of Tela (USA) Inc
Total Annual Compensation: A$41.2K
Company Secretary
Total Annual Compensation: A$80.5K
Compensation as of Fiscal Year 2013.

target energy ltd (TEX) Key Developments

Target Energy Limited Provides Update on Fairway Operations

Target Energy Limited announced that the company 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, in which Target has a 50% Working Interest. 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 Fourth Quarter 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. 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. 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.

Target Energy Limited Announces Production Results for the Quarter Ended June 30, 2014

Target Energy Limited announced production results for the quarter ended June 30, 2014. Fairway oil production up 11% on prior quarter. Company maintains high level of activity in Permian Basin. 5 wells drilled back-to-back at Fairway in first quarter and second quarter 2014. Production set to rise as new wells are stimulated. Drilling of further 5 Fairway wells to commence in August 2014 - company divests 10% Working Interest in Fairway for AUD 6.2 million.

Target Energy Limited Announces Operations Update

Target Energy Limited announced operations update. Drilling is now complete at Ballarat 185 #1, approximately 5 km east of the Sydney lease in Glasscock County, in which Target now has a 50% Working Interest following the First Closing. The well was drilled to a depth of 3,030m (9,942 ft), production casing run and the rig released on 1 July, 2014. Good oil shows were encountered while drilling and preliminary log analysis indicates the presence of potentially productive zones in the Ellenburger, Fusselman and Wolfberry sections.


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