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Target Talks Status of Multiple Permian Wolfberry Wells

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Target Energy Limited has reported an operations update on its Fairway Project in the Permian Basin, West Texas.

• Drilling has concluded at the Homar #1 well (Target has a 60% Working Interest) with the well reaching a Total Depth of 3,292m (10,800 ft). Homar #1 experienced strong oil and gas shows throughout the Wolfberry section as well as a strong show in the Fusselman Carbonate. Production casing has been run in the well, which will be completed as an oil and gas producer.
• Drilling is currently underway at Ballarat 185 #1, approximately 5 kms east of the Sydney lease in Glasscock County. Operations commenced on 7 June 2014, with the well presently at a depth of 128m (420 ft), running surface casing. Ballarat 185 #1 will be drilled to a planned Total Depth of 3,350m (11,000 ft) and will test Fusselman and Wolfberry targets. Target has a 60% Working Interest.
• At Wagga Wagga #2 (Target has a 45% Working Interest), following testing of three zones in the Devonian and Fusselman sections, plans are underway to undertake a fracture stimulation of the lower Wolfberry section -- similar to that performed in Wagga Wagga #1. It is expected that the stimulation program will commence in approximately a months time. 

Managing Director, Laurence Roe commented on the operations: "We remain very active. Homar #1 has been cased for production -- not only did we get good shows in the Wolfberry there, but we had a pleasant surprise in the Fusselman with a strong show in that zone. We are drafting plans for the completion program, but expect we will test the Fusselman first. The rig has since moved to our Ballarat 185 #1 location and should take about two weeks to drill that well.

"At Wagga Wagga #2, initial testing indicated that we are on the edge of a Fusselman accumulation that we believe is stratigraphically trapped -- this sets up a good Fusselman prospect just north of this well. In the meantime, we'll complete this well in the Wolfberry. We are waiting on a frac crew and should have that underway in three or four weeks.

"We will have a short break in drilling after Ballarat, but will come back strongly with a minimum three well back-to-back program in August and September, with at least two more wells to follow before the end of the year."