TARGET ENERGY ASX ANNOUNCEMENT 23 October 2009 Target progressed oil and gas projects - SML (Snapper) #A-3 Target Energy Limited (ASX: TEX) is pleased to advise that a completion rig has been mobilised to the SML #A-3 location.

Completion operations are presently underway. - Highway 71 Highway 71 operator, Hollimon Oil Company, has advised that the Orion Hercules drilling rig is expected to commence mobilising to the prospect location on Saturday 24 October, weather permitting. The date for the commencement of drilling operations at this well is expected to be on or about 26 October. Target is earning a 25% working interest in the Highway 71 prospect, which 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.
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 Karen Oswald/Melanie Gray Professional Public Relations Tel: +61 8 9388 0944
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