TARGET ENERGY LIMITED ANNUAL GENERAL MEETING PERTH 14 NOVEMBER 2013
ACTIVE & SUCCESSFUL Active and successful year for the Target Energy in its US Permian Basin and Gulf Coast programs. Target continues to offer some of the best listed company leverage to the Permian Basin. Drilling: Six wells in Texas…
COMPANY SNAPSHOT Overview Key Metrics US Permian Basin and Gulf Coast, oil focused ASX Code TEX Offices in Houston, Texas and Perth, Western Australia OTCQX Code (US) TEXQY Producing oil & gas and generating operating cash flows…
BOARD OF DIRECTORS BA, MA Economics and Law (Cambridge) Chris Rowe Over 35 years of legal and commercial experience in the oil and gas and resources sector Chairman of ASX listed Northern Star Resources and Hawkesbridge Capital…
CLEARLY DEFINED STRATEGY Targets strategy has three key elements which focus on proven oil basins, attractive well economics and partnerships. Strategy Aerial View of the Howard Glasscock Field, adjacent to Targets Permian Basin leases…
CONTENTS I. ASSET REVIEW Pumpjack on Darwin Lease I. ASSET REVIEW II VALUATION III. CORPORATE Oil tanks at East Chalkley 7
ASSET LOCATIONS Texas Target Energy Projects Fairway Howard County (Permian Basin) Glasscock County Merta Wharton County Louisiana East Chalkley Cameron Parish Section 28 St. Martin Parish Pumpjack on Target s Darwin 1…
PERMIAN BASIN The Permian Basin is the largest hydrocarbon basin in the US, covering 52 counties and over 75,000 square miles. Location of Permian Basin Regional Map of Permian Basin 1 Target Energy Leases Howard County &…
PERMIAN BASIN The Permian Basin is the most coveted hydrocarbon basin in the US because of its low risk, oil-rich, stacked reservoir zones. It is considered to have a resource potential of up to 50 Billion barrels of oil equivalent,…
PERMIAN BASIN Permian Basin oil production started in the 1920s - today the basin produces more than 3 times Australias total oil output.1 Projected Oil Production Growth by US Play (2013 -2018)4 Current daily production: 1.3 million…
PERMIAN BASIN A BLUE CHIP BASIN Oil majors are highly active in the Permian Basin. Top 2012 Permian Basin Producers1 2012 Oil Production Market Cap. 4 2013 Permian Basin Capex Budget Company Name (millions of barrels) (US billion)…
PERMIAN BASIN FAIRWAY PROJECT Target retains its focus on the Permian Basin focused company and is committed to expanding its high quality portfolio. Map of Targets Fairway Project in the Midland Basin4 Location Howard & Glasscock…
PERMIAN BASIN FAIRWAY PROJECT Increasing drilling activity Fairway Project Activity 2013 Fairway Project Gross Monthly Production Jan Oct 2013 (BOEPD) Jan 2013 Darwin 1 online 500 Feb 2013 Darwin 2 online 450 March 2013 Sydney 1…
PERMIAN BASIN FAIRWAY PROJECT PRODUCTION GROWTH FY14 production and revenues are estimated to grow 2 3 times from FY13; a reduction from initial FY14 estimates due to a deferral of some CY13 activity to CY14. Actual FY13 Average Daily…
PERMIAN BASIN SHALE PLAYS DRIVING GROWTH Fairway is positioned in centre of two active shale plays. Activity and Success Map of Apaches Permian Basin Interests1 Permian Basin has multiple (expanding), proven vertical and horizontal…
SOUTH LOUISIANA PRODUCTION - EAST CHALKLEY FIELD A new development well has just been drilled on the East Chalkley field in Cameron Parish. The partners further plan to increase oil recovery through a waterflood. Schematic of the East…
OTHER PRODUCING ASSETS - GULF COAST Targets wells in the Section 28 project have multiple bypassed pay zones which could be produced for minimal additional capital investment. Section 28, St Martin Parish, Louisiana Map of Targets Gulf…
CONTENTS II. VALUATION I. ASSET REVIEW II VALUATION III. CORPORATE Wellhead at East Chalkley 20
RESERVES & RESOURCES Reserves assessment at Fairway has increased Targets 2P reserves by 887%. Oil constitutes 79% of 2P reserves. Targets Net Reserve & Resource Position1 Growth in 2P Reserves Net Reserves & Barrels of Oil 1,400…
FUSSELMAN WELL ECONOMICS Fusselman wells are inexpensive to complete and can be highly productive with robust economics. Fusselman Type Curves1 Single Well Economics1,2 Assumptions 350 Well Capex USm. 1.8 Oil cut % 86 300 High Case…
WOLFBERRY WELL ECONOMICS Wolfberry wells are characterised by a long producing life. Wolfberry Type Curves Single Well Economics1,2 Assumptions 160 Well Capex USm. 2.1 Oil cut % 80 140 High Case - EUR 185MBOE 120 WTI US/bbl 80 90…
CONTENTS III. CORPORATE I. ASSET REVIEW II VALUATION III. CORPORATE 24
FINANCIAL POSITION Consolidated Statement of Financial Position at 30 June 2012 & 30 June 2013 (A) 30 June 2013 (Audited) 30 June 2012 (Audited) CURRENT ASSETS Cash 1,537,700 682,540 Other assets 2,026,843 214,607 TOTAL CURRENT ASSETS…
NEWS FLOW & POTENTIAL VALUATION MILESTONES Oil development wells should provide increased production, cash flows, potential reserves and strong news flow. Fairway Project News flow Activity October November December January February…
CASH FLOWS - FUNDED FOR DRILLING Organic free cash flows are rising with increased production. Target is funded for its 2013 forward work program. Comments 2013 Cashflow Waterfall September to December 2013 (USm) Operating Cash Flows:…
SUMMARY 2013 has been an active and successful year for Target Energy Six wells drilled (or drilling) Significant increases in production, reserves and cash-flow from Permian Basin drilling program Expansion of the Companys Permian…
TARGET ENERGY LIMITED AUSTRALIA 6 RICHARDSON STREET, SUITE 5 WEST PERTH, WA 6005 T: +61 8 9476 9000 F: +61 8 9476 9099 USA 1900 ST JAMES PLACE, SUITE 425 HOUSTON, TEXAS 77056 T: +1 713 275 9800 F: +1 713 275 0999 TARGETENERGY.COM.AU 275…
PROXY VOTES Target Energy Limited Annual General Meeting - 14 November 2013 Proxy Vote Analysis Resolution For Against Abstain Votes Votes Votes 1 Re-election of Christopher Rowe as a Director 0 0 0 2 Adoption of Remuneration…
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