Louisiana Target Energy Limited Pine Pasture-2 East Chalkley Project Status: Well Finished Spud Date: 12-Jun-08 Current Depth: 2,974.9 m Target Depth: 2,974.9m Target Energy Limited(TextOwnership). Onshore well. 13/06/08 Pine Pasture-2 spudded on 12 June 2008. 26/03/08 Pine Pasture-2 is currently at a depth of 2,836 metres. 01/07/08 Pine Pasture-2 at East Chalkley has reached Total Depth at 2,974.9 metres and wire line logging indicates the presence of oil pay. MD Laurence Roe stated, "With oil over US$140/barrel, success at East Chalkley will be very positive for Target's cash flow and earnings per share. We'll provide further guidance to the market once the well at East Chalkley (Pine Pasture-2) has been flow tested and the results analysed." Initial log analysis has identified approximately 9.5 metres of net oil pay in the Alliance W2 sand at 2,923.0 metres, which is in line with our pre-drill expectations. Additional potential pay has also been recognised in the above-lying Alliance W1 sands. 2,890.1 depth Alliance W1 zone 3.4 metres net pay. 2,923.0 depth Alliance W2 zone 9.5 metres net pay. The well is to be completed as an oil producer from the W2 sand, with completion and flow-testing of the well expected to be underway in approximately two weeks. Subject to the results of the flow testing and a geologic and engineering review, Target will design an appraisal program to delineate the extent of the oil accumulation, which is estimated on current mapping to have a 'most likely' recoverable volume of approximately 2.4 million barrels, but will require additional drilling to confirm. 03/07/08 As previously reported, initial log analysis has identified approximately 9.5 metres of net oil pay in the Alliance W2 sand at 2,923.0 metres, which is in line with pre-drill expectations. Additional potential pay has also been recognised in the above-lying Alliance W1 sands. 2,890.1 depth Alliance W1 zone 3.4 metres net pay. 2,923.0 depth Alliance W2 zone 9.5 metres net pay. The well is to be completed as an oil producer from the W2 sand, with completion and flowtesting of the well expected to be underway in approximately two weeks.
TEX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
