Target reports more oil flows at Fairway project
THE ROADHOUSE BOWSER: US-focused oil and gas producer Target Energy (ASX: TEX) has provide the market with an update regarding operations for the company’s Fairway project in West Texas.
In Glasscock County, Ballarat 185 #1 (Target: 50%) was put on pump on 5 November.
Initial production in the following three days averaged 117 barrels of oil per day (BOPD) and 253 barrels of water (BW) with ‘strong gas’ reported.
The well still has approximately 18,400 BW to recover.
Completion of the Fusselman carbonate is underway at BOA North #5 in Howard County (Target: 50%).
A completion rig was mobilised to the site on 6 November.
At the Taree 193 #1 well in Glasscock County (Target: 50%), a fracture stimulation program has been scheduled for 20 November.
Potentially productive pay zones in the Ellenburger and Fusselman zones will be tested prior to the stimulation program.
Drilling at the proposed Darwin #4 well in Howard County (Target: 60%) is expected to commence within two weeks.
The well is situated approximately 1,800 feet south of the company’s 2012 Darwin #1 discovery well and will target both Fusselman and Wolfberry intervals.
“Work is progressing at a number of our wells,” Target Energy managing director Laurence Roe said in the company’s announcement to the Australian Securities Exchange.
“The initial oil production at the Ballarat 185 #1 well is promising and we will continue to monitor the flow rate there.
“We have also started work at the BOA North #5 well to complete it for production from the Fusselman section and also expect to progress the completion and testing at Taree 193 #1 in the next few weeks.
“At Darwin #4 we are just waiting on the rig and will commence drilling as soon as we can mobilise it to the site.
“We should have a result there by early December – with its proximity to Darwin #1 we believe that Darwin #4 – in addition to the Wolfberry section – has a particularly strong chance of having a productive Fusselman Carbonate.”
Email: admin@targetenergy.com.au
Website: www.targetenergy.com.au