🕐02.12.09 - 01:12 Uhr
TARGET IDENTIFIES FURTHER COMMERCIAL GAS RESERVOIRS AT HIGHWAY 71
TARGET ENERGY ASX ANNOUNCEMENT
2 December 2009
TARGET IDENTIFIES FURTHER COMMERCIAL GAS RESERVOIRS AT HIGHWAY 71
Perth-based oil and gas exploration and production company, Target Energy
Limited ("Target" or "the company") (ASX: TEX) has identified further
potential commercial gas reservoirs in the deeper section of its Highway 71
exploration prospect.
On the basis of these results the well, located in Wharton County, Texas,
will be completed as a producer and is expected to be brought on-line in
early 2010.
Targets managing director, Laurence Roe, said that this is an excellent
outcome for the company.
"The Highway 71 prospect has delivered around 20 metres of net pay in three
separate zones -- both within our primary and secondary target intervals as
well as in the shallower Yegua/Cooktown sands.
"In addition to the net pay already identified, we are presently assessing
possible completion strategies for the 2nd Meek Sand.
Log analysis has
indicated that the zone contains approximately 22.9 metres of hydrocarbon
bearing reservoir with low permeability and a possible water cut," said Mr
Roe.
"The partners in the Highway 71 well have agreed to run casing in
anticipation of completing the well for production.
In the meantime,
analysis of the wireline log data will continue and work to design a
suitable completion program is underway.
"While it is too early to speculate on ultimate flow rates and reserves, we
expect the well to be completed within the month and we will be aiming to
bring it into production before the end of January," said Mr Roe.
Wireline logging at the wells total depth (4,125 metres) has indicated the
presence of approximately 11 metres of net gas pay in two zones -- 4.9
metres of potential pay in the Upper Wilcox sands and 6.4 metres of
potential pay in the 1st Meek "B" sand.
In addition, a further 22.9 gross
metres of possible pay has been identified in the 2nd Meek sand, with work
ongoing to determine its prospectivity.
The Company has previously advised of approximately 9 metres of potential
net gas pay within "Yegua/Cooktown" sands at approximately 2,347 metres
depth
To view the annoucement click here:
http://esp.gewru.com/download/files/12414/1015573/Target%20identifies%20further%20commercial%20gas%20reservoris%20at%20Highway%207.pdf
Ends
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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