Exploration & Production | Capital Markets | Capital Expenditure
Target Energy Puts 2015 CapEx Program on Hold
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Target Energy Limited has reported an operational 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.
As previously advised, the Company commenced the process of divesting its Permian Basin assets in December. We are presently reviewing the valuation of the asset in the light of the current oil price and with our partners will decide whether to continue the divestiture or to defer it until such time as prices recover.
Fairway Project, Texas Drilling operations at Darwin #4 concluded on 18 December 2014 (Table…- ✓ Full news archive — U.S., Canada & international coverage
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