Business
Target Energy Limited Provides Fairway Operations and Corporate Update
Target Energy Limited Provides Fairway Operations and Corporate Update.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\n \n \n Target Energy Limited Provides Fairway Operations and Corporate Update\n \n \nTarget Energy Limited Provides Fairway Operations and Corporate Update\n \n WEST PERTH, AUSTRALIA--(Marketwired - Sep 29, 2014) -  US-focused oil and gas producer Target Energy Limited (\"Target\") (OTCQX: TEXQY) (ASX: TEX) is pleased to provide a Fairway operations and corporate update.\n Corporate\n As previously advised, the sale of a 10% Working Interest in the Fairway Project to Aurora Energy Partners (\"Aurora\"), a Texas general partnership in which Victory Energy Corporation (OTCQX: VYEY) owns a 50% interest and serves as managing partner, was to have been completed on 10 September 2014. \n Aurora failed to make the requisite payment for the Second Closing by the agreed 10 September 2014 date. Subsequent efforts to address the matter did not yield a successful resolution and following Target's advice to Aurora that if the closing was not completed in a timely manner, it intended to withdraw the Second Closing assets from sale, Target has been advised by Aurora that it considers the PSA terminated as to the Second Closing assets.\n Accordingly, in addition to the First Closing payment of A$2.7m (US$2.5m) from Aurora on 30 June 2014 (as announced), Target will continue to retain its 60% working interest in the Robb lease (part of Homar) along with the Bunbury, Section 4 and Taree leases and in part of the Ballarat and Darwin leases. \n Managing Director Laurence Roe commented: \"The Target board concluded that there was no advantage to Target in extending the closing process any further. We therefore confirm that the Second Closing will not occur as contemplated by the PSA and we are presently assessing all our future options in this matter.\n \"As previously announced, Target plans a full divestment of Fairway in early 2015 to capture the value of the project, and on this basis we are more than happy to keep our original Working Interest in the Second Closing assets.\n \"Since the sale was initially negotiated, four more wells have been successfully drilled -- all of which have been, or are being, brought into production, and three additional wells are planned to be drilled by year end. \n \"Based on previous discussions, we also expect to jointly market our interests along with the operator and at least one other partner, putting ...