Target Energy - Australian petroleum exploration and production company.

Fairway Project - Target Energy 60% working interest

The “Fairway” project, in the Permian Basin in West Texas comprises approximately 1,500 acres in the highly prospective Wolfberry Oil Resource Play in the Permian Basin in West Texas. The project area is situated approximately 64 km northwest of Midland in Howard County.

Target will earn its 60% working interest in the project by paying acreage costs and participating in two wells. The program will be operated by Trilogy Operating Company of Midland, Texas which will also retain a 30% working interest. Drilling is expected to commence in the second quarter, with the two wells to be drilled back-to-back. Timing for each well, which will be drilled to a depth of around 2,925m (9,600 ft), should be approximately 15 days.  

The wells will target both the Wolfcamp and Spraberry sections (collectively known as the “Wolfberry”), as well as the deeper Fusselman formation. It will also investigate additional potential in the Canyon, Cisco and Clearfork Formations – all of which produce in the area and will be tested in the Fairway drilling.

The wells will target reserves of approximately 140 thousand barrels of oil equivalent (mBOE) each in the Wolfberry, with potential for an additional 80 mBOE in the Fusselman formation. Using a 40-acre spacing, some 35 more wells could be located in the project area.