TARGET ENERGY LIMITED - ASX: TEX

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Description

Target is an Australian petroleum exploration and production company based in Perth, Western Australia. Listed on the Australian Stock Exchange on 27 November 2006, the company has the stock code “TEX”.

Target has continued to build on its strong initial success, and this year, despite a global financial downturn, has delivered both consolidation and growth to its shareholders.

The last quarter of 2009 has been an especially exciting time for our shareholders with three major events occurring:

* our Snapper A3 well was tied into production;
* multiple reservoirs of potential commercial gas pay have been discovered in the Highway 71 well
* Target increased its working interest in the East Chalkley oil field, resulting in a 40% increase in existing reserves and production associated with the field, and an approximate 27% increase in our total net reserves and resources.

These three successful activities, which will increase cash reserves, boost ongoing production revenue and augment reserves in the ground, position the company well for the future.

Target was formed to explore for and produce hydrocarbons in the United States of America, which continues to be one of the best operating environments for oil and gas in the world due to high value for products and low sovereign risk.

Texas and Louisiana, the initial operating areas selected by Target, are well-established petroleum provinces that continue to deliver significant discoveries to feed the energy-hungry US market. Target’s success is enhanced by good access to infrastructure, modern technology and a strong technical team.

As Target successes continue and its cash flow increases, the company’s areas of operation may be expanded both within and beyond the US.

Mine For

oil, gas

Location of operation(s)

USA

Address

Level 2, 46 Ord St
WEST PERTH, WA, AUSTRALIA

Phone

(08) 9476 9000

Email

Website

http://www.targetenergy.com.au/

Last Updated

27/01/2011