🕐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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