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Target Energy Provides Operations Update

Friday, 27 Sep 2013 | 1:22 PM ET

HOUSTON, Sept. 27, 2013 (GLOBE NEWSWIRE) -- US-focussed oil and gas producer Target Energy Limited ("Target") (OTCBB:TEXQY) (ASX:TEX) is pleased to provide an Operations update on the Company's Fairway Project in West Texas and its East Chalkley Oil Field in Cameron Parish, Louisiana.

Fairway Project - Darwin #3
Target WI: 60%

Preparations are underway, to fracture stimulate zones within the Wolfberry interval in the Darwin #3 well after testing of the deeper Fusselman carbonate showed that section to be water-wet. The fraccing program is planned to be underway within the next couple of months and will include intervals that had very strong oil and gas shows while drilling.

East Chalkley Oil Field - Pine Pasture #3
Target WI: 35%

The completion of the Pine Pasture #3 well has been successfully concluded. All down-hole equipment has been installed in the well and the operator has advised that the tie-in to the facilities is now being finalised. Once completed, the well will be brought on-line.

Target's Managing Director Laurence Roe commented, "At Darwin #3, we appear to have crossed a fault while drilling, causing the Fusselman to be intersected slightly deeper than prognosed. Testing of the Fusselman flowed water, so we will now proceed with a frac of the shallower section in the well, where we encountered very good shows while drilling. We have been advised that we should have the frac underway in approximately a month's time.

"We have also endured some slow progress with the completion of the Pine Pasture #3. Unexpected delays with the delivery and installation of the requisite additional production facilities has extended the completion process. We have been advised that all should be concluded within two weeks at which time production from Pine Pasture #3 will commence."

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.

CONTACT: Media Inquiries: USA Brad Holmes Target Investor Relations (Houston) +1 713 304 6962 cell +1 713 654 4009 direct brad.holmes@targetenergyusa.com Laurence Roe Target Energy +1 713 275 9800Source:Target Energy Limited