🕐22.10.09 - 07:38 Uhr

COMPLETION OF $2.5 MILLION RIGHTS ISSUE



TARGET ENERGY ASX ANNOUNCEMENT The Directors of Target Energy Limited ("Target"; ASX:TEX) are pleased to advise the successful conclusion of the Companys 2 for 5 Rights Issue.

In all, 76% (33.9 million) of the shares and free attaching options on offer were subscribed for.

The remaining shares on offer will be taken up by the underwriter, Patersons Securities Limited, for a total raising of approximately $2.5 million before issue costs.

Highlights Strong support for Targets exploration strategy.

Substantial take up by major shareholders.

Funds raised will underpin the drilling of the Highway 71 prospect and will support Targets ongoing additional exploration and development programs.

Targets Managing Director, Mr Laurence Roe, said the Company was very pleased to receive such a strong vote of support from shareholders as it continues to pursue its active and successful programs. About Target Energy: Target Energy Limited is an Australian petroleum exploration and production company based in Perth, Western Australia which listed on the Australian Stock Exchange on 27 November 2006. 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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