🕐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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