Target Energy - Australian petroleum exploration and production company.

Welcome

Welcome to Target Energy Limited’s (“Target”) website.

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”.

Target in 2011 is continuing to build on its strong initial success and is particularly excited about the opportunities offered from its involvement in the Buffalo and Fairway projects in South and West Texas, USA.

Through its participation in the areally extensive Buffalo project, which covers approximately 13,000 acres, Target will test a new Resource Play concept, with the right to earn up to a 50% working interest in the project as well as ultimately becoming operator – a move strategically designed to enhance the company’s ability to direct and optimise operations and outcomes in its ventures.

In West Texas, Target has established a foothold in the lucrative and highly sought-after Wolfberry oil play after concluding a deal to earn a 60% working interest in the 1500-acre Fairway project in Howard County. Drilling is expected to commence in the second quarter of 2011.

Participation in these exciting and varied projects has emerged from the company’s plans to diversify its asset and activity portfolio by branching out into resource plays including tight oil and shale plays.

Changes at a corporate level similarly promise to support and drive strong strategic development. In early 2010 Chris Rowe was appointed Chairman, with Graham Riley and Stephen Mann taking up Non-Executive Director positions in December 2010 and March 2011 respectively.

Mr Riley has considerable experience in the oil and gas industry, and Mr Mann in the resource and finance sectors. Both have impressive records of success in their respective fields. Their input will be invaluable in taking Target to the next level of its corporate growth.

Underscoring its ambitious program for expansion of its US interests, Target has appointed Professor Ralph Kehle to the board of its US-based subsidiary TELA (USA), Inc. Ralph has had a stellar career in the oil and gas industry, both in the US and internationally, with major gas and oil discoveries to his credit.  He is joined on the TELA (USA) board by Target founding director, Michael Martin, who stepped down from the Target Energy board to accept this position.

Target is currently planning to expand its presence in the US with an office in Houston, Texas. The objective is to raise the company’s US profile and to become a recognised “on-the-ground” local industry player. A full-time US presence will also enhance Target’s ability to identify and respond more directly to exploration and production opportunities as they arise.

This year has seen an influx of new investors into the company. A significant recapitalisation process has welcomed new cornerstone shareholders such as Investmet. Target believes these investors, by joining with the company’s valued, long-standing shareholders, will make a substantial contribution to the company’s future progress.

All of these factors are combining in 2011 to build on Target’s past achievements and to move the company forward to its next growth phase.

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.

As Target broadens its activities into the shale resource plays, the company’s areas of operation may be expanded both within and beyond the US.