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Managing Director Laurence Roe said: “We are delighted with the results at Garwood. We identified three separate pay zones that have all flowed dry gas during the formation testing. Casing has been run in the well and we will soon bring a Completion Rig on site to prepare the well for production.
“In the six months since our listing, we've drilled four wells, made three consecutive discoveries and have the first of these, Thoroughbred, already in production and generating cashflow.
“In coming months we should have our second and third discovery wells, Snapper A-1 and Garwood No.1, in production and have commenced drilling our fifth well at Snapper A-2.
“Our eight-well drilling campaign in Texas and Louisiana is targeting over 300BCFe in oil and gas reserves. Our strategy has been to leverage Target into drill-ready projects with a range of risks and rewards with reputable, experienced local operators, and generate early cashflow and momentum."