Target Energy Announces Completion of Victory Sale and Operations Update
2014年7月3日 - 12:18AM
Marketwired
Target Energy Announces Completion of Victory Sale and Operations
Update
WEST PERTH, AUSTRALIA--(Marketwired - Jul 2, 2014) -
US-focused oil and gas producer Target Energy Limited
("Target") (OTCQX: TEXQY) (ASX: TEX) is pleased to provide the
following corporate and operations update.
Sale of 10% Interest in Fairway Project to Victory Energy
- Following on from the announcements dated 9 May and 16 June
2014, Target Energy, through its wholly owned subsidiary TELA
Garwood LP ("TELA Garwood"), confirms the sale of a 10% working
interest in its Fairway Project to Aurora Energy Partners
("Aurora"), a company associated with Victory Energy Corporation
(OTCQX: VYEY).
- A Purchase and Sale Agreement ("PSA") was signed by TELA
Garwood and Aurora on 30 June 2014, with an effective date of 1 May
2014. In response to external delays in completing conveyancing of
titles, the PSA splits the closing of the sale into two parts.
- The first part ("First Closing") was completed on 30 June 2014,
with Aurora making an immediate payment of A$2.7m (US$2.5m) to TELA
Garwood and in return TELA Garwood assigning to Aurora a 10%
working interest in its Darwin, BOA and Wagga Wagga production
leases and in various other leases.
- Subject to the completion of the outstanding conveyancing
items, the Second Closing is scheduled for 31 July 2014, at which
time Aurora will pay the outstanding balance of A$3.5m (US$3.3m) to
TELA Garwood and in return TELA Garwood will complete the balance
of the assignments.
- The total purchase price is A$6.2m (US$5.8m) after a reduction
of US$0.2m in accordance with conditions of the sale.
Operations
- Drilling is now complete at Ballarat 185 #1, approximately 5 km
east of the Sydney lease in Glasscock County, in which Target now
has a 50% Working Interest following the First Closing. The well
was drilled to a depth of 3,030m (9,942 ft), production casing run
and the rig released on 1 July. Good oil shows were encountered
while drilling and preliminary log analysis indicates the presence
of potentially productive zones in the Ellenburger, Fusselman and
Wolfberry sections.
- A minimum three well back-to-back program at Fairway will take
place in August and September, starting with BOA North #5, as the
Company and its partners continue their strategy to complete a 10
well drilling campaign at Fairway in 2014.
- An increase in demand for fracture stimulation crews and
equipment in the Permian Basin has resulted in delays to the
planned fracture stimulation programs for our BOA North #4, Wagga
Wagga #2 and Homar #1 wells. Discussions are underway with a number
of crews to address this, but it is expected that while Wagga Wagga
#2 will be fracture stimulated within the week, it will be at least
one month before we are able to complete the other wells.
Managing Director Laurence Roe commented: "We are very pleased
to have closed the sale of a 10% Working Interest in our Fairway
project. We worked closely with Aurora on the transaction and when
it appeared that not all conveyancing could be completed in a
timely manner, the parties agreed to split the closing into two
stages which allows us to complete the legal work without holding
up the full transaction.
"Drilling has now concluded at Ballarat 185 #1, with the well
cased for production and the rig released. Wireline logs were
encouraging and we expect to test the Ellenburger and Fusselman
zones prior to making a decision about fracture stimulating the
well.
"We are having a short break in drilling after Ballarat, but
will recommence in early August with BOA North #5 followed by wells
at our Bunbury and Taree leases."
Laurence Roe
Managing Director
NOTE: In accordance with ASX
Listing Rules, any hydrocarbon reserves and/or drilling update
information in this report has been reviewed and signed off by Mr.
Laurence Roe, B Sc, Managing Director of Target Energy, who is a
member of the Society of Exploration Geophysicists and has over 30
years' experience in the sector. He consents to that information in
the form and context in which it appears. Note also that Target
reports a thermal equivalent when combining gas and oil production,
where 1BOE = 6 mcf.
|
Well Reporting Summary - Ballarat 185 #1 |
Name and Type of Well |
|
Ballarat 185 #1, Oil Exploration Well |
Well Location |
|
Glasscock County, Texas |
Lease Description |
|
S185, Bl 28, A-815 and A-A483, Waco & Northwestern
Survey |
TEX Working Interest |
|
50% |
Report Date |
|
7:00 pm 1/07/14 (Western Aust Standard Time) / 6:00 am
1/07/14 (USA Central Daylight Time) |
Current Depth: |
|
3,030m. (Total Depth) |
All reported depths are measured below the Rotary Table (RT) on the
rig floor. |
Progress |
|
Drill ahead to 1,114m (3,655 ft); run and cement
intermediate casing. Drill ahead to Total Depth at 3,030m (9,244
ft). Run wireline logs. Run 5 1/2 inch production casing. Rig
released 1 July 2014. |
|
|
|
CONTACT INFORMATION: USA Bradley Holmes Target Investor
Relations (Houston) +1 713 304 6962 cell +1 713 654 4009 direct
Laurence Roe Target Energy +1 713 275 9800 direct Australia Ross
Dinsdale Business Development Manager (Perth) +61 429 702 970 cell
+61 8 9476 9000 direct
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