Exploration & Production | Drilling / Well Results

Target Energy's Midland Well Flowing According to Expectations

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US-focused oil and gas producer Target Energy Limited has provided an operations update on its Fairway Project in West Texas.

• Sydney #2 is presently flowing at 316 BOEPD (270 BOPD with 277 mfcgd) from the Fusselman Formation, which is at the high-end of the Company's initial flow rate expectations. 
• As announced on 10 December 2013 the Fusselman intersected at Sydney #2 is substantially thicker and more porous than Sydney #1, which has been Target's most successful Fusselman well to date.
• At Wagga Wagga #1, the completion and testing program remains underway. Current testing in the Devonian section at a depth of approximately 2,850m has recovered oil while swabbing the well, with a single--stage fracture stimulation of the zone scheduled for the end of the week to enhance the ability of this section to flow. Target is also progressing plans to proceed with a more extensive frac interval that would be additional to any production from the Devonian.

Managing Director, Laurence Roe commented on the operations: "We are very pleased with the initial production at Sydney #2. We have a very good Fusselman section in this well and are confident this will translate into a very good oil producer. Now that we have shut off some of the associated water flow, the well is living up to expectations.

Additionally, at Wagga Wagga #1 the presence of oil shows in the Devonian section is very encouraging -- the planned single--stage fracture stimulation should materially improve the ability of this section to flow oil."