about target energy

In case you have no idea about Target Energy, have a look at this news article to understand what they are trying to achieve. I have a small holding.

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Target Energy hits ASX at 20% premium
Monday Nov 27 13:39 AEDT

Petroleum explorer and producer Target Energy Ltd has listed on the Australian Stock Exchange at a 20 per cent premium to its offer price.

Target made its debut on the market at 24 cents a share, up four cents from its offer price of 20 cents.

The initial public offer comprised 42.5 million shares to raise $8.5 million.

The Perth-based energy interest was formed to explore for and produce hydrocarbons in the United States, specifically Louisiana and Texas.

It plans to drill eight wells in 2006 and 2007 and its says all of those wells are in proven productive areas.

In the company's prospects, chairman Didier Murcia said that its four wells in St Martin Parish, Louisiana will target up to 4.17 million barrels of recoverable oil and condensate and 31.7 billion cubic feet of recoverable gas.

"A proportion of these hydrocarbons is considered by the operator (Cypress Drilling, LLC) to be classified as proven unproduced reserves," he said.

In Colorado County, in the Texas Gulf Coast, Target will participate in the drilling of three prospects with potential reserves of 6.34 billion cubic feet of gas.

"These prospects are relatively shallow (less than 1,300 metres deep) and are considered to be very low risk," Mr Muricia explained.

"A deeper gas exploration well, Berwyn, will be drilled in Assumption Parish, Louisiana. Whilst this well is of higher risk, it is surrounded by existing production and has the potential to hold up to 305 billion cubic feet of gas equivalent."

©AAP 2006