Target Energy Limited Issues September 2013 Quarterly Report
(firmenpresse) - WEST PERTH, AUSTRALIA -- (Marketwired) -- 11/01/13 -- US-focussed oil and gas producer Target Energy Limited ("Target") (OTCQX: TEXQY) (ASX: TEX) is pleased to issue its Quarterly Report for the quarter ending 30 September 2013.
Fairway production averages over 320 BOEPD in September
Darwin #3 frac stimulation now underway
Wagga Wagga #1 drilling underway
9 well Fairway drilling program planned for 2014
Darwin #3 is located approximately 800 metres east of Darwin #1 and was designed to target both the Wolfberry and Fusselman sections. Drilling commenced on 23 July 2013 at 20:00 hrs (US CDT), with the well reaching Total Depth of 3,092.8m (10,147 ft) on 11 August 2013.
Continual high levels of oil and gas flowing into the lower section of borehole precluded the acquisition of open-hole logs before running the production casing and instead cased-hole logs were acquired after setting production casing.
Subsequent testing of the deeper Fusselman carbonate showed that section to be water-wet. At the time of writing, a fracture stimulation program over zones within the Wolfberry interval had been successfully completed and flow-back had commenced.
Wagga Wagga #1 is located 5.3 miles south east of the successful Sydney #1 well and is targeting the Ellenburger, Fusselman and Wolfberry sections. Drilling commenced on 14 October and at the time of writing, the well had reached Total Depth at 3,057.2m (10,030 ft) with wireline logging underway.
Permitting and site works are complete for Sydney #2, with drilling scheduled for November 2013. The well will be located approximately 800 metres east of Sydney #1 and will target both the Wolfberry and Fusselman sections. It will be drilled to approximately 3,070m (10,070 ft) and is expected to take approximately two weeks to drill.
The partners are currently planning the 2014 drilling campaign at Fairway. In an aggressive proposed nine well program, follow-up drilling is scheduled at Darwin and BOA along with wells on the Company's Ballarat, Bunbury and Taree lease-holdings.
The East Chalkley project is an oil field appraisal and development program, approximately 33 kilometres (20 miles) southeast of the town of Lake Charles in Cameron Parish, Louisiana. The oil accumulation, on the east flank of the Chalkley Field, is a previously unidentified down-dip oil leg associated with the gas field. Target participated in the successful drilling of the Pine Pasture #2 well in 2008.
Independent Reserve studies undertaken for Target have indicated that the field may have up to 1.7 million barrels of P50 ("most likely") technically recoverable reserves and resources, with a P10 or upside estimate of 4 million barrels of oil.
Pine Pasture #3 was drilled from the existing production facilities with the bottom-hole location approximately 272 metres (890 ft) south of the Pine Pasture #2 bottom-hole location. Drilling commenced on 14 May 2013. The well was drilled to a Total Measured Depth of 3,011.5 m (9,880 ft). Wireline logs were then run on 5 June 2013 with preliminary analysis confirming the presence of approximately 8 metres of potential pay in the Alliance W2 sands, similar to -- and 24 feet updip from -- the Pine Pasture #2 oil well. The well was subsequently cased for production and the rig released.
The well has been since been completed for production and was brought on-line in mid-October. Production has been restricted by issues with the down-hole pump -- potential remedies are being pursued. In the meantime, the well has recovered the load water from the completion program and is now producing water with a slowly increasing oil cut.
*Timing indicative only -- actual order, timing and well selection will vary.
Net Production is scaled to Target's Working Interest, before royalties; mmcf = million of cubic feet; mmcfgd = million cubic feet of gas per day; BO = barrels of oil, BOPD = barrels of oil per day, BOEPD = barrels of oil equivalent per day (Target reports a thermal equivalent when combining gas and oil production, where 1BOE = 6 mcf).
There were no changes in Target's lease-holdings during the reporting period.
NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Mr. Laurence Roe, B Sc, Managing Director of Target Energy, who is a member of the Society of Exploration Geophysicists and has at over 30 years' experience in the sector. He consents to that information in the form and context in which it appears.
Bradley Holmes
Target Investor Relations (Houston)
+1 713 304 6962 cell
+1 713 654 4009 direct
Laurence Roe
Target Energy
+1 713 275 9800 direct
Ross Dinsdale
Business Development Manager (Perth)
+61 429 702 970 cell
+61 8 9476 9000 direct
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Datum: 01.11.2013 - 22:33 Uhr
Sprache: Deutsch
News-ID 311933
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