You might want to take a look at TEX - Target Energy
This weeks scout report from sonris!!!!
No company announcement as yet
04/16/2012 13180 05
MADE BACKOFF @ 13127', HOLE IN FISH; PICKED UP 4 1/2" LNR, STUCK LNR @ 5040', BTM OF HANGER @ 3802'; ATTMTG TO FISH LNR & HANGER FROM WELLBORE; TSTD BOP'S 4/13/12;
Not exactly sure what it all means. Really need a drilling expert to tell us.
To me it looks like they managed to cut off the drill bit from last week, tried to run a 4 1/2 in liner in the well but got it stuck and are trying to fish it out.
The fact they are trying to put a liner in the well suggests to me they have found something good in the channel sands and wanted to go and test it, but had more mechanical problems doing so, might have been cheaper drilling a new well at this rate!!
However to me all of this looks positive towards getting a good result from this channel prospect.
Remember they were targeting 200BCF of gas and 12 million barrels of condensate. So that sort of find would be worth more than the companies current value, for a 15% WI.
