🕐15.04.10 - 05:41 Uhr

Completion Program Continuing at Highway 71



TARGET ENERGY ASX ANNOUNCEMENT ASX Announcement 15 April 2010 Completion Program Continuing at Highway 71 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. Following the perforation and flow-test of the Upper Wilcox sand, analysis of the pressure data was undertaken and the well subsequently "swabbed" to reduce the amount of fluid in the borehole.

The well was then shut-in and monitored for pressure build up.

A second swabbing run was later undertaken. While the swabbing runs recovered water with a minor amount of oil, there was no further evidence of gas; the work also confirmed the low permeability of the sands at this location.

Operations at the Upper Wilcox sand will now be terminated. The Operator is presently preparing a procedure to move uphole to complete the well in the Cook Mountain interval, 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 within three zones.

The Cook Mountain completion is expected within two weeks. New Ventures Target also is presently investigating a number of new ventures opportunities, both in the USA and elsewhere internationally.

It is the view of the Board that at the Companys current market capitalisation, its assets are substantially undervalued and the Board is therefore advancing strategies to allow the value of these assets to be leveraged in accelerating the Companys participation in new projects. To view the announcement in full please click here. http://esp.gewru.com/download/files/12414/1138793/Completion%20Program%20continuing%20at%20Highway%2071%2015042010.pdf For further information please contact: Laurence Roe Managing Director Target Energy Tel: +61 8 9476 9000
Melanie Gray/Karen Oswald Professional Public Relations Tel: +61 8 9388 0944 Ends For further information please contact: Laurence Roe Managing Director Target Energy Tel: +61 8 9476 9000 Melanie Gray/Karen Oswald Professional Public Relations Tel: +61 8 9388 0944
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