strong gas reserves intersected at highway 71., page-4

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ASX ANNOUNCEMENT
12 November 2009
Company Announcements Platform
Australian Securities Exchange Limited
Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
GAS RESERVOIRS INTERSECTED AT HIGHWAY 71
Perth-based oil and gas exploration and production company, Target Energy Limited (“Target”) (ASX: TEX) has identified potentially commercial gas reservoirs at its key ‘high-impact’ exploration prospect, Highway 71, located in Wharton County, Texas.
Strong gas shows were noted while drilling through “Yegua/Cooktown” sands from 2,347 to 2,405 metres depth, with wireline log and formation test data subsequently indicating the presence of approximately 9 metres of potential net gas pay within three zones.
Target Energy’s managing director, Laurence Roe, believes these results will be welcomed by shareholders.
“We are going to continue to drill down to test our primary and secondary objectives in the deeper Wilcox and Meek sands knowing that we have already intersected potentially commercial gas,” said Mr Roe.
“The intersection of these shallower gas sands is extremely encouraging – they are prolific producers in the area with some individual wells in the region recovering up to 12 Billion cubic feet (Bcf) of gas.
“Based on the information gathered to date, the operator considers that the sands intersected in our well should be capable of producing at commercial rates,” said Mr Roe.
Drilling information: Merta #1 (Highway 71 Prospect)
.All reported depths are measured depths below the Rotary Table (RT) on the rig floor.
Report Date: 8:00 pm 11/11/09 (Western Aust Standard Time)
6:00 am 11/11/09 (USA Central Daylight Time)
Current Depth: 2,429.3 metres RT.
Progress: Drill ahead from 1,685m to 2,429.3m (intermediate casing point). Run wireline logs. Run formation test tool. Run sonic log. Run and cement 244.5mm (9 5/8”) casing.
Hydrocarbon Indications Strong gas shows were noted in Yegua/Cooktown sands in the interval 2,347 -2,405 metres. Wireline log data confirmed the presence of approximately 9 metres of potential reservoir sands within three zones from 2,343.3 to 2392.1 metres. A Formation Test tool was subsequently run to obtain fluid and pressure samples. Dry gas was recovered from a test point at 2,354.8m.
Primary and
Secondary Targets The primary targets are the 1st and 2nd Meek Sands which have the potential to recover up to 52.5 Bcf of gas with 367,500 barrels of condensate. The secondary target is the Upper Wilcox Sandstone, which has the potential to recover up to 15 Bcf plus 750,000 barrels of condensate.