update

ASX ANNOUNCEMENT
24 December 2009
Company Announcements Platform
Australian Securities Exchange Limited
Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
HIGHWAY 71 COMPLETION UPDATE
MERTA #1 (HIGHWAY 71 PROSPECT)
Target Energy Limited (Target) (ASX CODE: TEX) is pleased to advise that preparations are underway for the completion and flow testing of the Merta #1 well at the Highway 71 prospect.
The work is presently scheduled to commence in the first week in January 2010. Heavy rain in the region delayed the removal of the last of the drilling rig equipment; this equipment should be moved off the site this week and the location will be readied for the completion operations in the first week of January. The meter site easement and pipeline Right of Way are being secured and should be ready by the time testing commences at the well. Only 300 metres of new pipeline will be required to tie the well in to the local gathering system.
The Operator, Hollimon Oil Company, expects to have all necessary surface equipment installed prior to the testing program in order to flow the well directly to sales after the well is completed.
Target Energy has a 25% Working Interest in Highway 71
ENDS
For and on behalf of
TARGET ENERGY LIMITED
Laurence Roe
Managing Director