got tex

I Agree...it's a Buy!....and all Newz to Me...

Petro Resources (PRC) -- E. Chalkley is finally cranking up, see Target Energy update below:

EAST CHALKLEY OIL RATES INCREASE
Target Energy Limited (“Target”) (ASX CODE: TEX) is pleased to provide the following operations update.
PINE PASTURE #2 (EAST CHALKLEY) – WELL TESTING
Report Date: 7:00 pm 5/08/08 (Western Aust Standard Time) /
6:00 am 5/08/08 (USA Central Daylight Time)
Progress: Continue flow testing. During the week the well has been pumped at rates up to 405 barrels of fluid (oil and water) per day. Oil cut has ranged from 20% to 50%.
The well is presently shut-in undergoing a pressure buildup test.

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I believe this is at the lower end of what PRC was looking for but now the question is whether the operator will decide to install a electric submersible pump to increase the amount of total fluid production. It adds to operating costs but as long as the oil cut remains stable it would tremendously increase the well's economics.

Even if they don't decide to install an ESP this seems like a decent play and I hope PRC decides to participate in the next well here.

Kol, its not too late to get back into this stock before they put out news. I'm looking for a big move on the next news update, irrespective of what happens with the deep Newporte well.