Target Energy Limited (“Target”) (ASX Code: TEX) has been...

Target Energy Limited (“Target”) (ASX Code: TEX) has been informed by the Operator (Cypress Drilling) that:
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The drilling rig has mobilised to the Snapper A-3 location;
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Rigging up is underway; and
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Drilling is expected to commence early next week.

In total, the well is expected to penetrate up to six pay zones, testing a prospective fault segment that has risked recoverable potential of up to 4.2 Billion cubic feet of gas and 331,000 barrels of oil (unrisked recoverable potential up to 5.4 Billion cubic feet of gas and 461,000 barrels of oil).