Target Energy - Australian petroleum exploration and production company.

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Merta Gas Field - (Target Energy 25% working interest)

The Merta #1 well, which tested the “Highway 71” prospect, is situated approximately 100 kms west-southwest of Houston in Wharton County. Target has a 25% working interest.

Operated by J. Charles Hollimon ("Hollimon") of San Antonio, Texas, drilling of the Merta #1 well was undertaken in October through December 2009, with production from the Cook Mountain sands commencing on 10 June 2010.

In accordance with the well program Merta #1 was fracture-stimulated on 19 October, 2010. Following the fracture stimulation, production from the Cook Mountain sands has stablised to average approximately 350 - 400 mcfgd with approx 5 BOPD.  Total gas and oil production from this well to 31 December 2010 is 83.0 mmcf and 1,179 BO respectively.

Consideration is now being given to putting the well on compression.