I like reading this on the end of TEX's announcements. This...

I like reading this on the end of TEX's announcements. This statement will be changing IMSHO very soon, stating we have two producing wells and drilling another. Good ground!

Fairway Project
The “Fairway” project, in the Permian Basin in West Texas, comprises almost 3,023 acres in the highly prospective Wolfberry oil resource play. Target is earning its 60% working interest in the project by paying acreage costs and participating in a minimum of four wells.

The wells will target oil reserves of approximately 140,000 barrels of oil equivalent (mBOE) each in the Wolfberry, with potential for an additional 80 mBOE in the Fusselman formation. They will also investigate additional potential in the Canyon, Cisco, San Andres and Clear
Fork formations – all of which produce oil locally.

Currently drilling, the Darwin #1 well is located approximately 3 km north east of Target’s BOA 12 #1 well and will be drilled to 10,800 ft, testing Wolfberry and Fusselman targets.

The BOA 12 #1 well, drilled in September/October 2011 hit a 1,080m interval in the “Wolfberry” section which exhibited numerous oil shows while drilling, in particular in the Wolfcamp, Strawn and Mississippian formations. Oil shows were also noted in the shallower San Andres and Clear Fork formations and the deeper Fusselman formation. Wireline logging subsequently confirmed the BOA 12 #1 well had encountered potential oil and gas pay zones in all primary and secondary targets and the well was completed for production.

Following flow testing in the deeper Devonian/Fusselman section, on 12 November 2011, the “Wolfberry” section of the well was fracture stimulated in a program which included 11 separate zones in the well, over a 1,100 metre interval. BOA 12 #1 has flowed oil from each of
the Wolfberry, Devonian and the Fusselman sections. With the well now back online producing from the Wolfberry section, Target will optimise production from the Wolfberry prior to bringing the Devonian and Fusselman oil discoveries into production.