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Target Energy Limited

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Target Energy is a rapidly growing oil and gas producer focussed on the prolific Permian Basin in West Texas. The company has increased its 2P reserves by 887% to 1.2 mmboe (and total reserves and resources by 280% to 2.8 mmboe) during the past year and has achieved a 235% gain in net production over the past two quarters. An active exploration program is in progress and should drive further strong uplift in production. Target Energy is dual listed trading on the US OTCQX and the ASX.

Target Energy (ASX: TEX) is a US based oil & gas producer and explorer that has established meaningful acreage positions in proven major hydrocarbon producing areas in the Permian Basin and Gulf Coast regions. From modest beginnings, production and exploration activity is now gathering momentum and creating a robust, sustainable corporate platform.

2P reserves rose strongly to 1.2 mmboe as at 30th June, largely driven by drilling successes at Darwin #1 and #2 (in 2012) and Sydney #1 (in 2013). Similarly, these wells have helped boost net production by more than 200% in the last few quarters. In turn this is driving improved cash flow which is being directed at accelerating growth activities.

Opportunity exists for significant production increases during Q3 and Q4 2013 with five wells either awaiting completion (Darwin #3 and Pine Pasture #3) or about to be drilled (Sydney #2, Darwin #4 and Sydney #3). In addition, production rates will be boosted by a proposed waterflood of the East Chalkley oil-field.

In the near term Target Energy will continue to expand in a relatively low risk, low cost manner via multiple completions based on conventional carbonate reservoirs in vertical wells. In the longer term there is potential to exploit large scale resources via fracture stimulation of shale and tight oil plays...

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Markets: Gas, Oil