Business
Target Energy Announces Completion of Victory Sale and Operations Update
Target Energy Announces Completion of Victory Sale and Operations Update.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\n \n \n Target Energy Announces Completion of Victory Sale and Operations Update\n \n \nTarget Energy Announces Completion of Victory Sale and Operations Update\n \n WEST PERTH, AUSTRALIA--(Marketwired - Jul 2, 2014) -  US-focused oil and gas producer Target Energy Limited (\"Target\") (OTCQX: TEXQY) (ASX: TEX) is pleased to provide the following corporate and operations update.\n Sale of 10% Interest in Fairway Project to Victory Energy \n \n \n Following on from the announcements dated 9 May and 16 June 2014, Target Energy, through its wholly owned subsidiary TELA Garwood LP (\"TELA Garwood\"), confirms the sale of a 10% working interest in its Fairway Project to Aurora Energy Partners (\"Aurora\"), a company associated with Victory Energy Corporation (OTCQX: VYEY).  \n \n \nA Purchase and Sale Agreement (\"PSA\") was signed by TELA Garwood and Aurora on 30 June 2014, with an effective date of 1 May 2014. In response to external delays in completing conveyancing of titles, the PSA splits the closing of the sale into two parts. \n \n \n The first part (\"First Closing\") was completed on 30 June 2014, with Aurora making an immediate payment of A$2.7m (US$2.5m) to TELA Garwood and in return TELA Garwood assigning to Aurora a 10% working interest in its Darwin, BOA and Wagga Wagga production leases and in various other leases. \n \n \nSubject to the completion of the outstanding conveyancing items, the Second Closing is scheduled for 31 July 2014, at which time Aurora will pay the outstanding balance of A$3.5m (US$3.3m) to TELA Garwood and in return TELA Garwood will complete the balance of the assignments. \n \n \nThe total purchase price is A$6.2m (US$5.8m) after a reduction of US$0.2m in accordance with conditions of the sale. \n \n \n \n \n Operations\n \n \n Drilling is now complete at Ballarat 185 #1, approximately 5 km east of the Sydney lease in Glasscock County, in which Target now has a 50% Working Interest following the First Closing. The well was drilled to a depth of 3,030m (9,942 ft), production casing run and the rig released on 1 July. Good oil shows were encountered while drilling and preliminary log analysis indicates the presence of potentially productive zones in the Ellenburger, Fusselman and Wolfberry sections. \n \n \nA minimum three well back-to-back program at Fairway will take place in August ...