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Target Fracs Well Targeting the Wolfberry; Plans Follow-Up

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Target Energy Limited reported 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. 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.
• 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%)

Managing Director Laurence Roe commented, "The stimulation program at Taree 193 #1 went well, with oil and gas shows appearing on the third day of flow-back. Encountering oil that early in the flow-back period is quite encouraging.

"At Darwin 4, we are drilling ahead at 768m (2,520 ft). We lost some time during the week after encountering loose gravels in the shallow section of the borehole, which in conjunction with a 30 minute loss of power at the rig, caused us to get stuck. We have since freed the pipe and we are back to drilling.

"At BOA North #5 some channeling in the cement behind pipe has prevented any definitive testing (the channels provide a conduit for water from deeper zones). We are preparing a cement squeeze to block off these channels and to allow the testing program to proceed."