Target Energy Ltd. (ASX: TEX; OTC: TEXQY) provided an operations update on its Fairway Project in West Texas and its East Chalkley oil field in Cameron Parish, La.
Fairway Project - Darwin #3
Preparations are underway to fracture stimulate zones within the Wolfberry interval in the Darwin #3 well after testing of the deeper Fusselman carbonate showed that section to be water-wet. The fracing program is planned to be underway within the next couple of months and will include intervals that had very strong oil and gas shows while drilling. Target has 60% working interest.
East Chalkley Oil Field - Pine Pasture #3
The completion of the Pine Pasture #3 well has been successfully concluded. All downhole equipment has been installed in the well and the operator has advised that the tie-in to the facilities is now being finalised. Once completed, the well will be brought on-line. Target has 35% working interest.
"At Darwin #3, we appear to have crossed a fault while drilling, causing the Fusselman to be intersected slightly deeper than prognosed. Testing of the Fusselman flowed water, so we will now proceed with a frac of the shallower section in the well, where we encountered very good shows while drilling. We have been advised that we should have the frac underway in approximately a month's time," Laurence Roe, Target's managing director, said in the release.
"We have also endured some slow progress with the completion of the Pine Pasture #3. Unexpected delays with the delivery and installation of the requisite additional production facilities has extended the completion process. We have been advised that all should be concluded within two weeks at which time production from Pine Pasture #3 will commence," Roe said.
Target Energy Ltd. is an independent energy company engaged in the exploration for, and development and production of oil and gas in Texas and Louisiana. The company is based in West Perth, Australia.
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