Target Energy - Australian petroleum exploration and production company.

Welcome

Target Energy Limited (“Target”) is an Australian petroleum exploration and production company based in Perth, Western Australia. Listed on the Australian Stock Exchange on 27 November 2006, the company has the stock code “TEX”.

In the short time since listing, Target has recorded some extraordinary successes. It has the enviable track record of achieving “six-from-nine” well completions – four of which are already producing both oil and gas.

Target’s first discovery came only four months after listing, its first production seven months after listing and its first cash ten months from listing – a highly satisfactory progression that we look forward to continuing.

The company was formed to explore for and produce hydrocarbons in the United States of America, which continues to be one of the best operating environments for oil and gas in the world due to high value for products and low sovereign risk.

Texas and Louisiana, the initial operating areas selected by Target, are well-established petroleum provinces that continue to deliver significant discoveries to feed the energy-hungry US market. Target’s success is enhanced by good access to infrastructure, modern technology and a strong technical team.

Despite the current global downturn, Target’s prudent management, which has established cash reserves, ongoing production revenue and reserves in the ground, has the company well positioned for the future. 

Further drilling is planned for 2009, including the exciting East Chalkley oil appraisal and development program.