Target Energy - Australian petroleum exploration and production company.

Welcome

Welcome to Target Energy Limited's ("Target") website.

Target Energy Ltd (ASX:TEX) is an Australian Securities Exchange listed petroleum exploration and production company with offices in Houston, Texas and Perth, Western Australia. 

Target is currently producing hydrocarbons from three onshore fields and additional production is expected from a fourth in the first half of 2012.

The company is evaluating onshore ‘unconventional’ oil and gas projects and is especially excited about its involvement in the Fairway project in Texas and in the Shepard's Channel prospect in Louisiana, USA.

The Fairway project, located in the prolific and highly sought-after Permian Basin, West Texas, is a potentially company-making asset.

Target owns 60% of the 3000-acre Fairway project and aims to develop the oil and gas-rich ‘Wolfberry’ and deeper Fusselman carbonate formations by ‘fraccing’ the various producing zones and, where appropriate, co-mingling production.

Up to 75 drilling locations (at 40-acre spacing) are technically possible within the Fairway project area.

The first Fairway project well encountered hydrocarbons in all of the primary and secondary targets. The well is currently being dewatered ahead of commercial flow rates being established.

Target is due to drill the next Fairway ‘Wolfberry’ well in May 2012, and a possible shallow well soon after, to test the shallow prospective zones identified in the first well.

A further two Wolfberry wells are planned for Q3, 2012.

Given the high success rate of exploration in the West Texas Permian Basin, the partners are identifying additional leasing opportunities to expand Target’s project area.

In Louisiana, testing of the Shepard’s Channel  Prospect  ̶  in which Target has a 15.3% interest  ̶  is scheduled to commence in Q2 2012. Encouraging gas shows have already been encountered.

Additional exploration opportunities exist in the already-producing East Chalkley field in Louisiana.

Target has opened an office in Houston, Texas, to enhance the company’s ability to identify and quickly respond to emerging exploration and production opportunities.

Texas and Louisiana, the initial operating areas selected by Target, are well-established petroleum provinces that deliver significant discoveries to feed the energy-hungry US market.