🕐16.10.09 - 07:05 Uhr

Target Energy expects to commence drilling at Highway 71 imminently



TARGET ENERGY ASX ANNOUNCEMENT 16 October 2009 HIGHWAY 71 OPERATIONS UPDATE Target Energy Limited (ASX: TEX) has been advised by the operator of the Highway 71 prospect that the date for the commencement of drilling operations at this well is expected at the end of October. The drilling rig is scheduled to be mobilised to the Highway 71 well site next week following the completion of drilling operations at its current location.

Site preparations at the proposed well location are continuing. Target is earning a 25% working interest in the Highway 71 prospect, situated in Wharton County Texas, approximately 100 kilometres west-southwest of Houston.

The prospect has the potential to recover up to 67.5 Billion cubic feet (Bcf) of gas and 1.1 million barrels of condensate/light oil from its primary and secondary targets. Drilling is expected to take six weeks to drill to the programmed Total Depth of 4,115 metres (13,500 feet).

The well is to be drilled on a "turn-key" contract.
About Target Energy: Target Energy Limited is an Australian petroleum exploration and production company based in Perth, Western Australia which listed on the Australian Stock Exchange on 27 November 2006. For further information please contact: Laurence Roe Managing Director Target Energy Tel: +61 8 9476 9000 Melanie Gray Professional Public Relations Tel: +61 8 9388 0944
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