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Target Energy Ltd.
Stock Symbol: TEXQY
See Target Energy Ltd. corporate website: http://www.targetenergy.com.au
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Oil Production Stock Investment News:
Oil Well Production To Be Enhanced with $6,000,000 Convertible Note Issued – Target Energy Limited announces successful $6m secured convertible note issuance. Funds will be used to advance the 9 well drilling program at Fairway project in the West Texas Permian Basin. Part of the proceeds will also be used to repay the A$1.8 million 2013 Convertible Notes outstanding and also for general working capital — See News
Sydney #2 Oil Production Rates Climb
to 395 BOEPD — A 25 % Increase
From Initial Flow Rate
At Target Energy Limited’s Fairway oil production properties in West Texas the Sydney #2 well is presently flowing at 395 BOEPD (311 BOPD with 503 mcfgd) from the Fusselman Formation — exceeding the initial high-end production rate (announced 19 February 2014) by 25% — See News
Also drilling has commenced at BOA 12 #3, considered a low risk, step-out well situated approximately 550m (1,800 ft) southeast of the Company’s 2011 BOA 12 #1 well. The well is expected to be in an up-dip position which should greatly improve the prospectivity of the Fusselman formation. The well will test both the Wolfberry and Fusselman sections and is expected to take 15 days to drill to the planned Total Depth of 3,048m (10,000 ft).
At Wagga Wagga #1, the completion and testing program remains underway. The Devonian section was fracture stimulated on 21 February 2014 at a depth of approximately 2,850m after previously recovering oil while swabbing the well. The well is presently recovering load-water.
Oil and Gas Production Company
Stock Investment Opportunity
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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