🕐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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