Target Energy - Australian petroleum exploration and production company.

East Chalkley Oil Appraisal & Development Project (Target Energy 35% working interest)

Operated by Magnum Hunter Resources, the East Chalkley project is an oil field appraisal and development program, approximately 33 kilometres south-east of the town of Lake Charles in Cameron Parish, Louisiana.

Target participated in the successful drilling of the Pine Pasture #2 well in 2008. Production from the Pine Pasture #1 and #2 wells is approximately 90 BOPD. Production to  31 December 2010 was 61,608 BO.

The drilling of the next well – Pine Pasture #3 – was approved by the partners in August 2010, with all permitting and site preparation subsequently completed.  The drilling program was deferred by the operator in November 2010 following its decision to divest its interests in the field.

Target is assessing whether it wishes to increase its interest in the field and to otherwise pursue options to accelerate activity there.