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Last A$0.0040 AUD
Change Today 0.00 / 0.00%
Volume 125.0K
As of 12:52 AM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

target energy ltd (TEX) Snapshot

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09/2/14 - A$0.07
52 Week Low
08/24/15 - A$0.0030
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target energy ltd (TEX) Details

Target Energy Limited explores, develops, and produces oil and gas in the United States. The company has interest in the Fairway project, which consists of approximately 4,530 acres located in Permian Basin, West Texas; and the East Chalkley Oil Field that is situated in Cameron Parish in southern Louisiana. It also holds interest in Section 28 project that is located in southeast Louisiana in St Martin Parish; and the Merta Gas Field, which is located in Houston, Texas. 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$334.2K
Compensation as of Fiscal Year 2014.

target energy ltd (TEX) Key Developments

Target Energy Provides Fairway Divestment Update

Target Energy Limited (ASX:TEX) advises that following discussions with Scotia Waterous, the decision has been taken to defer the planned divestment of the Fairway asset until such time as there is a meaningful recovery in oil prices. Laurence Roe, Managing Director of Target Energy, commented, it is Target's view that deferring the sale until such time as prices recover and when we can expect competitive bids for our Permian Basin asset remains the best course of action.

Target Energy Provides Operations Update

Target Energy Limited provided an operations update. The operations referred to in this release were committed to prior to the recent decline in the oil price and represent completion of the 2014 drilling program. The Company has meanwhile instituted a program to reduce its costs and to put its 2015 capital expenditure program on hold pending an improvement in commodity prices. Font-weight: bold;Fairway Project, Texas: Drilling operations at font-weight: bold;Darwin #4 concluded on 18 December 2014. Wireline logs indicated potential pay in the Fusselman and Wolfberry sections in the well. Completion operations have commenced with oil recovered from the Fusselman section. Darwin #4 is situated approximately 1,800 ft south of the Company's 2012 Darwin #1 discovery well. Target has a 60% Working Interest Following a fracture stimulation program on 21 November 2014, the font-weight: bold;Taree 193 #1 well in Glasscock County was put on pump on 27 December 2014. Average flow in the first 10 producing days was 71 BOPD with 189 BWPD. Approximately 62% of the load water from the stimulation program has been recovered. Target has a 50% WI in Taree 193 #1 which is situated approximately 2 km south east of the Ballarat 185 #1 well. Completion operations remain underway at font-weight: bold;BOA North #5 in Howard County (Target 50% WI). Font-weight: bold;East Chalkley: Work-over operations are underway at the company's East Chalkley field (Target 35% WI) in Cameron Parish, Louisiana. The Pine Pasture #3 well was found to have a damaged pump as a likely result of a downhole filter screen failure which permitted sand from the formation and the completion program to pack around the pump, ultimately disabling the impeller. The screen and pump are to be replaced. An inspection of casing in the Pine Pasture #2 well revealed a number of holes due to corrosion. Remedial work is also underway on the Pine Pasture #1 well. The wells are expected to be back online in February. font-weight: bold;Section 28: A work-over on the SML #A3 well (Target 25% WI) in St Martin Parish Louisiana was successfully completed in December 2014. The well was recompleted for production from the 1stMarg Tex sand and is presently flowing approximately 500 mcfgd with 5 BOPD.

Target Energy Limited Provides Fairway Operations Update

Target Energy Limited provided the following operations update for its Fairway Project in West Texas. Drilling at Darwin #4 commenced on 20 November 2014. The well is presently drilling ahead at 768m (Table 1). Darwin #4 is situated approximately 1,800 ft south of the Company's 2012 Darwin #1 discovery well and will target both Fusselman and Wolfberry intervals; the well will be drilled to a planned depth of approximately 3,048m (10,000 ft). Target has a 60% Working Interest (WI). A fracture stimulation was performed at the Taree 193 #1 well in Glasscock County on 21 November 2014. The seven stage program covered a gross interval of 780m using approximately 23,700 barrels of load water. The well is presently flowing back load water with increasing oil and gas. Target has a 50% WI in Taree 193 #1 which is situated approximately 2 km south east of the Ballarat 185 #1 well. Completion operations remain underway at BOA North #5 (Target WI: 50%).


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