🕐26.05.10 - 07:45 Uhr

Target continuing completion program at its 25%-owned Highway 71 prospect



TARGET ENERGY ASX ANNOUNCEMENT ASX Announcement 26 May 2010 Target continuing its completion program at the Merta #1 well at its 25%-owned Highway 71 prospect in Wharton County, Texas.
US-focused oil and gas exploration and production company, Target Energy ("Target") (ASX:TEX) is continuing its completion program at the Merta #1 well at its 25%-owned Highway 71 prospect in Wharton County, Texas. Operations have recommenced at the Merta #1 well location to complete the well in the Cook Mountain sands, where strong gas shows were noted while drilling and with wireline log and formation test data subsequently indicating the presence of approximately 9 metres of potential net gas pay. On 21st May, the well was plugged back to 3,405 metres in anticipation of the completion in the Cook Mountain sands.

The rig is scheduled to be on site today to remove the 114.5 mm (4 1/2 inch) casing (and if necessary the liner) above 2,438 m depth prior to proceeding with the perforation and testing program. Provision has also been made in the program for possible fracture stimulation (fraccing) to enhance flows from one or both of the tested intervals. At this time local operators are experiencing delays in getting fraccing equipment and materials for wells due to the very high level of activity in the nearby Eagle Ford shale play.

The Operator has been in discussions with a number of fraccing companies to minimise any potential delays.

However, once the zones are tested, we may put them into production straight away with a view to returning at a later date to frac them. To view the announcement in full please click here.http://esp.gewru.com/download/files/12414/1172992/Completion%20Program%20continuing%20at%20Highway%2071%20May%202010.pdf For further information please contact: Laurence Roe Managing Director Target Energy Tel: +61 8 9476 9000 Karen Oswald Professional Public Relations Tel: +61 8 9388 0944
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