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Texas Oil & Gas Production Company,
Target Energy Limited (Stock Symbol: TEXQY) Provides Update on Fairway Operations Texas Well Production.
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Oil Production Well Update Report
Target Energy, Ltd
Stock Symbol: TEXQY
See Target Energy Ltd. corporate website: http://www.targetenergy.com.au
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Target Energy is a U.S. focused domestic oil and gas exploration and production company. The company has assets in the Permian Basin, West Texas and in the Texas and Louisiana Gulf Coasts.
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Jun 11, 2014 Texas Oil Stock News:
Texas 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. |