Target Energy - Australian petroleum exploration and production company.

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Fairway Project - Permian Basin, West Texas

Click here to read The Imperishable Permian Basin article provided by the Independent Petroleum Association of America (IPAA).

Target's Fairway Project consists of approximately 4,500 acres, and is part of the highly sought-after Wolfberry oil resource play in West Texas. The company has up to 112 well locations on a 40-acre well spacing.

Target has a 55% average working interest in the play.The operator is Trilogy Operating, Inc. out of Midland, Texas, a company with a long history of drilling successful wells in the Permian Basin.

A map of Target's Fairway Project in the Midland Basin is shown below:

 

The Homar well was sold in 2015.

Since its entry into Fairway in late 2011, the company has enhanced the value of the project by pursuing an organic growth strategy which has:

  • Drilled 15 producing wells
  • Resulted in approximately two thirds of the Fairway leases being held by production
  • Increased production and cash flows
  • Added 2P reserves of 1.0mmboe net to Target.

However, in today's commodity price environment with oil prices having dropped dramatically, Target is suspending its drilling program pending a price recovery. 

The graph below shows Gross Monthly Production in the Fairway Project.

 

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Entitlement Issue

To view a copy of the Target Energy April 24 2015 Issue Prospectus please click here


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Contact Details

Principal Place of Business
Suite 5, 6 Richardson Street
West Perth WA  6005

P: +618 9476 9000
F: +618 9476 9099
US Office
1900 St James Place, Suite 425
Houston, Texas, 77056
United States of America

P: +1 713 275 9800
F: +1 713 275 0999
Email To: admin@targetenergy.com.au
ABN: 73 119 160 360
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