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Target Energy Limited Issues June 2014 Quarterly Report
Target Energy Limited Issues June 2014 Quarterly Report.
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[{"type":"text","content":"\n \n \n Target Energy Limited Issues June 2014 Quarterly Report\n \n \nTarget Energy Limited Issues June 2014 Quarterly Report\n \n WEST PERTH, AUSTRALIA--(Marketwired - Aug 1, 2014) -  US-focused oil and gas producer Target Energy Limited (\"Target\") (OTCQX: TEXQY) (ASX: TEX) is pleased to issue its Quarterly Report for the quarter ending 30 June 2014.\n \n \n Fairway oil production up 11% on prior quarter\n \nCompany maintains high level of activity in Permian Basin\n \n5 wells drilled back-to-back at Fairway in Q1/Q2 2014\n \nProduction set to rise as new wells are stimulated \n \nDrilling of further 5 Fairway wells to commence in August 2014\n \nCompany divests 10% Working Interest in Fairway for A$6.2m \n \n \n 1. Operations\n Permian Basin, Texas\n 1.1. Fairway Project - Howard & Glasscock Counties (Target 35%-60% WI) \n On 30 June 2014, Target Energy executed a transaction in which the Company sold a 10% working interest in its Fairway leases.\n Further details regarding the transaction are included in Section 5.1 below.\n 1.2. Drilling \n 1.2.1. Wagga Wagga #2 (Target 35% WI) \n The Wagga Wagga #2 well is situated approximately 706 metres (2,316 ft) south of Wagga Wagga #1 in Glasscock County. Drilling commenced on 16 April 2014 and concluded with the well reaching its Total Depth at 2,984m (9,790 ft) on 30 April 2014 (Table 1). Analysis of wireline log data indicated that that the well had encountered potential pay in the Wolfberry section and Fusselman Carbonate. The well was completed as an oil producer.\n \n \n \n  \n \n \n  \n \n \n Well Reporting Summary - Wagga Wagga #2\n \n \n Name and Type of Well\n  \n Wagga Wagga #2, Step Out/Appraisal (Oil)\n \n \n Well Location\n  \n Glasscock Co, Texas\n \n \n Lease Description\n  \n E/2 S221, Block 29, A-496; W&NW RR Co Survey\n \n \n TEX Working Interest\n  \n 35%\n \n \n Report Date\n  \n 7:00 pm 1/05/14 (Western Aust Standard Time) /\n 6:00 am 1/05/14 (USA Central Daylight Time)\n \n \n Current Depth:\n  \n 2,984.0m (Total Depth). All reported depths are measured below the Rotary Table (RT) on the rig floor.\n \n \n Progress\n  \n Well spudded 04:00 on 15 April 2014. Drill to Total Depth at 2,984.0m (9,790 ft). Run wireline logs; run and cement 5 1/2\" production casing to 2,984.0m...