the delay is annoying to say the least, but my biggest concern is this well becoming a duster. Given the initial $1.5m cost (plus assuming say $300K-$400K for the initial fracing and to go back upwell to clearfork) BUT I think that is highly unlikely given the structure of the Wolfberry formation.
It sounds like the plug was unsuccessful from the testing of the shallower clearfork and San Andres formation...or there is a leak. I am hoping the management is conservative with the 4-6 weeks and we see a pick up in oil recovery sooner.
Hopefully Shepard Chanel results in around 1-2 weeks, gas shows are promising.
I agree 2012 is the time for Target to produce results, but given we could be going into the second fairway well in March with two new producing wells online. I think I will be holding.
Other news flow to come is , step out testing and second well for the San Andres formation? Also looking for East Chalkley update.
Good luck all
Ann: Target Energy Operations Update , page-6
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