# TEX - Target Energy



## yogi-in-oz (25 November 2006)

Hi folks,

TEX ..... another IPO, to be listed on
Monday next ... Target Energy ... TEX.

No previous data, so no chart for TEX as yet, but 
a couple of positive cycles should keep this one
buoyant, running into the end of next week. 

It's interesting, that while this stock will have
its own unique situations ahead, the underlying 
signature of time cycles are the same as, our
Aussie index, XJO.

So, it will be interesting to see how closely this 
stock tracks our XJO, in the months ahead.

Right now, we can see a positive outlook for TEX,
over the next couple of months:

November 2006:

     28112006 ... minor news

     30112006 ... significant cycle - finance-related?  

December 2006:

     01122006 ... minor positive cycle (intraday)

  08-11122006 ... positive spotlight on TEX ..... 

     19122006 ... positive news expected here.

     29122006 ... short aggressive rally here ... ???  

January 2007:

  05-08012007 ... 2 cycles, expecting significant news??? 

     17012007 ... minor and positive

     25012007 ... minor and positive news?

February2007:

     05022007 ... minor and positive light on TEX

     08022007 ... minor

  09-12022007 ... significant and negative ... finances?

  15-21022007 ... strong rally here ... ???

March 2007:

     07032007 ... 2 conflicting cycles here may be
                  reflected in flat trading, as a negative 
                  spotlight on TEX is tempered by likely
                  good financial news ???

     20032007 ... short, aggressive rally ??

     30032007 ... 2 significant and negative cycles here,
                  may highlight hitech difficulties for TEX?

Let's see how this IPO unfolds, over coming months ..... 

have a great weekend

   yogi



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## yogi-in-oz (30 November 2006)

Hi folks,

TEX ..... as per post above, market taking a shine to this
one already, with some significant positive cycles coming
into play over the next couple of months.

No news yet, but TEX pushing up already ... for other key 
TEX dates ahead, please refer to post above ..... 


happy days

yogi

P.S. ..... holding TEX.



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## benwex (18 January 2007)

Yogi,

Is your crystal ball still covering this one, any info on upcoming ann or news??

regards,
Benwex


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## yogi-in-oz (18 January 2007)

Hi Benwex,

TEX ..... time cycles still, as per post above,
on 25 Nov 2006 ..... nothing changes, so
expecting TEX to remain positive overall,
until around the end of the first week,
in February 07.

happy days

  yogi


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## birdmanz (30 April 2007)

So far 2 out of 3 drills are producers...although the sp doesn't hasn't moved north.....Does anyone have any ideas as to why?
Cheers
G


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## yogi-in-oz (8 June 2007)

Hi folks,

TEX ... expecting a very negative day today, 08062007
... would like to see TEX test support, around 15 cents.

Not much joy ahead, until a new positive cycle comes
into play, around 22-25062007 ..... 

August 2007 should be a positive month for TEX and 
12-18 October 2007 should see TEX booming ..... 

happy days

  paul



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## porkpie324 (16 June 2007)

At the Gold Coast resources seminar director Paul Loyd gave an impressive presentation on Target Res, I talked further at their booth with Paul & Mike Martin about TEX. They have a very good chance of some good drilling results in Louisiana USA and if the results are as expected can get into production very quickly all the infrastructure is there. I am looking for another USA investment after cashing up half my Amadeus holding. Anyone else have views on Target. porkpie


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## Horace (6 July 2007)

I have been watching this for a few months, the sucess while not high earners have been good, (3 from 4) there is oportunity for much further upside through the Berwyn and Parks prospects, according to latest report on issue. I don't hold any stock in this, however may change in the near future. I do hold some in COI, may also be worth a look


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## Trader Paul (19 July 2007)

Hi folks,

TEX ... despite good company communications today and
more expected around 27-30072007, the really positive
time cycles and news is not expected, until next month:

August 2007:

     09082007 ... positive spotligh on TEX ... 

     13082007 ... more positive news expected here

     28082007 ... some significant and negative news expected.

September 2007:

Conflicting cycles here will likely bring alternating 
periods of flat trading and volatility, with the first
half of the month biased towards negative cycles ...

... be wary, on 3rd and 10th September 2007, for
underlying negativity.

Alert for more positive news on 17-18th September 2007.

October 2007:

     09-10102007 ... minor and positive light, should 
                     trigger a BIG rally in TEX, through
                     to 18102007(???)

        16102007 ... looking for some a BIG move here.

     26-29102007 ... party is over, as a negative cycle comes
                     into play ... finance-related ???

happy days

 paul



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## Trader Paul (7 October 2007)

Trader Paul said:


> Hi folks,
> 
> TEX ...
> 
> ...






Hi folks,

TEX ... time to get back on board this one, again.

Three wells already producing and Snapper-A2 is due
to spud on 13102007 ... looking at their biggest
target to date.

Updated TEX chart attached.

happy days

paul



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## porkpie324 (8 October 2007)

I've been sitting on TEX since June, after attending a presentation on the Gold Coast, I spoke with co. directors in depth at there stand. Did'nt go overboard though  still a bit specky. porkpie


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## hoppielimp (21 November 2007)

Hmmm, tommorrow hopefully will see confirmation of whats down there in Snapper A-2 (hopefully drill complete and logs run).

Then hopefully Bayou will follow shortly....then Bandito and Teche...since they were slated for Novemeber...and we are running out of days...

Parks North also slated for 4th Quarter...which doesn't leave much time either...also Snapper A-3...

I wonder how many of the above will go into '08 ?

Or will they all kick in and we have a very merry christmas...?


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## rusty182 (14 February 2008)

I still dont know why this hasnt bounced.... TEX has current wells pumping oil and gas worth at least 30 cents!!!

Let alone there current cash on hand at 6 million.

and there future 4 drilling wells coming up.

Now someone please tell me this is not undervalued at a current market cap at 11 million?


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## surfingman (14 February 2008)

rusty182 said:


> I still dont know why this hasnt bounced.... TEX has current wells pumping oil and gas worth at least 30 cents!!!
> 
> Let alone there current cash on hand at 6 million.
> 
> ...




Do you have any figures on 30cents for the wells? for a guesstimate?

I would be keen to see some if you have them, i have been watching Tex since IPO but never brought in.


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## rusty182 (15 February 2008)

hey there,

Page 5 of there 04/10/07 presentation on a Risked level. Unrisked this valuation is higher


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## birdmanz (30 June 2008)

Great announcement today for tex....very high sucess rate since inception Nov 06....2 more drills scheduled for the coming months, one next couple of weeks & the other catapult is teh potential company maker....looking good


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## sydneysider (30 June 2008)

birdmanz said:


> Great announcement today for tex....very high sucess rate since inception Nov 06....2 more drills scheduled for the coming months, one next couple of weeks & the other catapult is teh potential company maker....looking good




To-days turnover is the second highest since listing two years ago. At that time TEX hit 8 million shares in a day, currently we have just passsed 5.6 million. Technically speaking TEX has put in a double bottom, or W (from a top formation formed 6-9 months ago. The right side of the W is getting all of the heavy volume which seems to indicate that a major reversal is just ahead. Will publish a chart later.


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## sydneysider (1 July 2008)

Technicals look very interesting on TEX. See chart below, notice the large multi month double bottom, the last down leg of the W was probably due to tax selling which finished yesterday. IF we get a continuation of the buying surge TEX could go a long way. 

The fundamentals also have a very bullish tint. Yesterday's oil find at East Chalkley appears to have two pay zones so the anticipated 2.4 million barrel recoverable oil pool may be larger than anticipated (dependent on testing). A nearby well on the same structure produces 400 bpd. Assuming that the current pay zone pans out there is potential for several oil producing well here. Assuming a flow rate of around 400 bpd then this will have a very dramatic effect on TEX finances on the order of $3-8 million per year (1-2 wells completed succesfully).

Currently 5 wells produce about US$3.5 million in annualized revenues which justifies the current share price. Another four wells are now drilling or will start shortly, two of which could be vey hi impact on TEX including Bandito and Catapult. Assuming moderate hits in the program the stock price could appreciate significantly  and if any of the hi impact wells hit pay then TEX share price could head into the 50cents-$1.00 range. More about these wells can be found at the TEX website.


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## sydneysider (5 July 2008)

Watch TEX over the next few weeks. East Chalkely Well has just completed as an oil producer, although not tested yet are expecting (hoping?) for around 400 bpd. Possibly similar production from additional wells on same structure of 2.4-5 million barrels recoverable (estimates in TEX reporting). Bandito Well is running wireline logs and is expected to hit target bottom in a few days, is currently running wireline logs, with a nearby well producing 40 million cubic feet per day from a very decent sized gas formation that Bandito is expected to also drill into. good luck to all longs


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## sydneysider (21 July 2008)

Time to review TEX. They have just drilled an oil well that is being flow tested and preparing for production at East Chalkley (25% interest). Prior well on same structure produces 400 bpd. The operator on this project is Petro Resources a US listed oil explorer who this weekend put out a fresh presentation where they say they are very bullish on East Chakley and its potential. This commentary seems to imply that the current well testing may have exceeded expectations. A second well is planned to increase production further. 

Assuming that TEX gets 100 bpd @ US$100 per barrel from the first well and the potential of a second well is put down with similar results then TEX monthly revenues could go from the current US$150,000 to US$450,000 - 750,000 per month. The project is already on production so a hook up and revenues will be very quick. TEX is currently capitalized at around A$12,000,000 of which about half of that amount is cash. Hoping that my revenue guesstimates pan out, Good luck to all longs.


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## sydneysider (24 July 2008)

The first East Chakely well has started flowing oil. Estimated size of the development is 2.4 million barrels. At 25% interest to TEX that equates to about 600,000 barrels or at least US$60,000,000 in future production less drilling and development costs. Good luck to all longs.


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## sydneysider (14 August 2008)

PRC reported to-day that TEX's Pine Pasture#2 tested successfully at a rate of 700-1,000 of fluids per day that will produce at a rate of 30-50% oil from W2 Sands. A pump has been designed / ordered and the well will be put into production. A second well is planned probably before Christmas as well as several water disposal wells. That should give TEX (with 25%) about 75-150 bpd of new oil production from a field containing at least 2.4 million barrels of oil plus gas. 

With a market cap of $8,000,000 and current cashflow of about $250,000 per quarter Pine Pasture#2 will have a very big impact on TEX's bottom line. At US$100 per barrel x 75 bpd x 365 days = A$3,100,00 per annum of cash flow, which doubles if the next planned well comes in with similar flow rates. That could potentially put potential cashflow at a little over US$8,000,000 annualized with another three wells planned before Christmas, one of which is targetting a potential flow at several thousand barrels per day. 

Cash is currently A$5,000,000 and East Chakley will make TEX a very profitable minnow. The state of the current market is very treacherous, so look for strong cashflows. Minnow that are strictly explorers will run out of cash and wither in this type of market. Good luck to all longs.


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## hoppielimp (14 August 2008)

You know what is a bit bizarre, that TEX is not reporting it.  I know that they said they will not report until well is in production, but you would think that from their last announcement of 405 barrels of fluid at an oil cut of 20-50%, to an increase to 1000 barrels of fluid with a 30-50% oil cut is significant ?

Also I've noticed that the oil reserve, although its a target, has never been quantified...

Everyone including Petro Resources seems to intimate 2.4-2.5 million barrels...but no-one has definitively said so either.

Oh well...thought PRC annoucement as a 34% participant in East Chalkley would have moved TEX....the market I guess is the market.....sigh...


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## sydneysider (15 August 2008)

hoppielimp said:


> You know what is a bit bizarre, that TEX is not reporting it.  I know that they said they will not report until well is in production, but you would think that from their last announcement of 405 barrels of fluid at an oil cut of 20-50%, to an increase to 1000 barrels of fluid with a 30-50% oil cut is significant ?
> 
> Also I've noticed that the oil reserve, although its a target, has never been quantified...
> 
> ...




IMHO East Chalkley may be larger in size than than 2.4-2.5 million barrels because they hit two pay zones in Pine Pasture #2, W2 sands have "most likely recoverable" of 2.4 million barrels, with anticipated flow rates of around 400 bpd based on the first Pine Pasture well. The W1 Sands are 3.4 meters thick and may constitute an additional 36% increase in payable sands. So my off the wall guess is 2.4 million + 36% = 3.26 million barrels of "recoverable oil". TEX share of this at 25% = 815,000 barrels of future production which is very significant to this minnow. 

The interesting thing about this project is that it gives TEX (for its $8 million cap) a very significant cash flow. I suspect that the current market is so bad for all stocks that now is the time to rummage thru the bargain bins and find those stocks that have growing cashflows like TEX . At this stage TEX has $5 million cash and at least three new (very interesting) wells in the works over the next few months plus the further development of East Chalkley which have all been paid for.


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## Trader Paul (6 September 2008)

Hi folks,

TEX ..... will be looking for a low over the next few days, then anticipating
some significant news next week, as 3 positive time cycles slot into place,
around 12-15092008 ..... 

have a great weekend

    paul



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## Shrewd Crude (21 September 2008)

Anybody hold TEX?
I bought a few TEXO's a week ago in the lead up to The Catapult well which should be spudding in the next month...(big target well)...
Im just gambling on the well, as I think it offers great risk return with Snapper-a3 low risk and highly likely to discover as its in a proven region... this and the existing profile of revenues and discoveries is likely to offset some of the downside...

.^sc


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## STRAT (16 March 2009)

Trader Paul said:


> Hi folks,
> 
> TEX ..... will be looking for a low over the next few days, then anticipating
> some significant news next week, as 3 positive time cycles slot into place,
> ...



Hi Paul,
Are you still holding TEX and are you planning to update your chart for TEX in the near future?. I would very much appreciate an update.

Holding some TEX @ 3.1c


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## knackers007 (10 October 2009)

Does anyone have any comments/thoughts about this company? It's just had a capitol raising and seems to have some good buyers coming in although it hasn't had much effect on the SP. From previous company announcements, it looks like they will be announcing the flow rates on one of thier producers in the next week or so.


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## bordercityfirm (11 October 2009)

welcome aboard knackers007,

  Target is alonely place at moment but I fell that it wont be like this for much longer. News is on the horizon as you say, I'll try and list them below (I've left the best until last).

Near term growth opportunities:

East chalkley Oil Field has mean estimated recoverable reserves of 2.1 million barrels of oil (BO) and an upside estimate of 4 million BO. 
 The Pine Pasture #2 well is presently on production at a rate of approximately 90 barrels of oil per day (bopd). A pump upgrade in June 2009 is expected to restore the production rate to approximately 120 bopd. The Independent Technical Specialist, Risc Pty Ltd, has confirmed the potential for the next two wells to add reserves of between 250,000 BO and 450,000 BO each, with successful wells each expected to flow at rates of up to 200 bopd. · This is a key asset of Target Energy with estimated Proved and Probable (2P) recoverable reserves (net to Target Energy's working interest) of 141,000 BO and additional Possible reserves of 123,000 BO, giving a  Proved, Probable and Possible (3P) total of 264,000 BO. The field has additional contingent resources  ranging from 230,000 BO (2C) to 686,000 BO (3C). Total 2P plus 2C potential is 371,000 BO net to Target 
Energy's working interest. Total 3P plus 3C potential is 950,000 BO net to Target Energy's working interest. Upon development, this field is expected have a long life and potential to add significant cash flow to Target Energy.
 · Target Energy has a 25% working interest in this project and a 68.5% net revenue interest (NRI).

Snapper #A-1, #A-2 and #A-3
· Snapper #A-1 and #A-2 are currently in production. A third well, Snapper #A-3, has been drilled and flow results are due any time soon:  Target Energy has net Proved and Probable oil reserves of 81,830 barrels and Possible oil reserves of 8,140 barrels (total 89,970 barrels); net proved and probable gas reserves of 626 million cubic feet of gas  and possible gas reserves of 309 million cubic feet of gas (total 935.7 million cubic feet).
· Snapper #A-3 has penetrated  6 pay zones (30m of gross sand), with a total risked recoverable potential of up to 4.2 billion cubic feet of gas (4.2 Bcf) gas and 331,000 BO. It will test both proven undeveloped reserves as 
well as zones which as yet remain untested. Harper & Associates, Inc (in its Technical Specialist Report) has included 9,210 BO and 454 million cubic feet of 3P reserves from Snapper #A-3 in the total above. 
· Target Energy has a 25% working interest in Snapper #A-1, #A-2 and 21.625%-25% working interest in Snapper #A-3. It has a 72% NRI in all wells.

exploration 

Bayou Berard * Beyt # 1A· Planned drilling in 3rd quarter will address this prospect that has estimated recoverable oil of 750,000 BO potential (112,000 BO net to Target Energy's working interest).· Risc Pty Ltd (in its Technical Specialist Report) has estimated that a successful well may initially flow at rates up to 1,500 bopd. · Target Energy has a 15% working interest in the Beyt #1A prospect and a 72% NRI .

TEXAS: Highway 71 prospect

Target is earning a 25% working interest in the Highway 71 prospect, situated in Wharton County Texas, approximately 100 kilometres west-southwest of Houston.
Drilling is presently planned to commence later in October and is expected to take six weeks to drill to the programmed Total Depth of 4,115 metres (13,500 feet). The well is to be drilled on a “turn-key” contract. The rig is scheduled to mobilise to the Highway 71 prospect directly after its current well.
The prospect has the potential to recover up to 52.5 Bcf + 367,000 BC
from it's primary target (1primary 1st st and 2 2nd nd Meek Sst Sst) and 15.0 Bcf + 750,000 BC from it's secondary target (Upper Wilcox Sst Sst). The Prospect has ben mapped on Hollimon proprietary 3Dproprietary 3D. It's on trend with other Meek Sandstone Fields, including 25 Bcf/400,000 BC New Taiton Field. And is 3 kilometres west of 40 Bcf/1.7 million BC Upper Wilcox Jones Creek Field (which began as a Hollimon prospect).
 In the event of success, the effect of encountering reserves of such magnitude would increase Target’s current net reserves / resources position by over 330%.


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## bordercityfirm (11 October 2009)

What do we know about the Meek Sandstone and Wilcox Sandstone? 

The Wilcox formation is composed of gas-producing sandstone. High-temperature, high-pressure formations such as the Wilcox have reported temperatures of 350 °F and above with typical geo-pressured conditions found below 12,000 ft in the onshore Texas Gulf Coast area. Zones of interest are located at ~15,500 to 15,700 ft TVD with porosities ranging from ~26 to 30%, and permeability of 0.001 md.


Have a look at Strike Oil September 2009 presentation http://www.stocknessmonster.com/news-item?S=STX&E=ASX&N=458584 

TWO PRODUCING FIELDS: Rayburn and Mesquite (estimated ultimate recovery: 71 Bcfe) both producing from the Meek Sandstone and Wilcox Sandstone. 

Have a look at Sun Resources Quarterly Report For The Period Ending 31 March 2009

http://www.abnnewswire.net/press/en/60551/Sun-Resources-Nl.html'


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## knackers007 (12 October 2009)

BorderCityFirm.

Thanks very much for all the information, it was very helpfull.

Looking forward to seeing the results of Snapper A3 and Highway 71 in the future!


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## bordercityfirm (13 October 2009)

Prime time to buy and accumulation happening at the moment. Funny to see small sells right at the end of day, standard accumation happening IMO


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## bordercityfirm (13 October 2009)

Just the start of the good news: Great time to buy US assets.

TARGET INCREASES INTEREST IN EAST CHALKLEY OIL FIELD
HIGHWAY 71 SCHEDULED TO DRILL IN OCTOBER
Target Energy Limited (“Target”) (ASX CODE: TEX) is pleased to advise that it has agreed to purchase additional interest in its East Chalkley oil field in Cameron Parish, Louisiana, subject only to the finalisation of a Sale Purchase Agreement. As a result of the transaction, Target will increase its working interest to 35% across the field.
This increase from the Company’s current 25% working interest will augment its existing reserves and production associated with the field by 40% and represents an approximate 27% increase in Target Energy’s net reserves and resources from 0.977 million barrels of oil equivalent (mmBOE)(31/12/08 audit) to 1.237 mmBOE.
Current field production, from the Pine Pasture #2 well, is approximately 83 barrels of oil per day (BOPD); additional field appraisal and development operations are planned for later in 2009.
The cost of the acquisition is US$500,000. The effective date for this purchase will be 1 November 2009.
Managing Director Laurence Roe commented, “This is an important step forward for us in consolidating our reserves and cash flow position from the East Chalkley Oil Field. We believe the field has a lot to offer and we are looking forward to progressing our appraisal and development campaigns in the near future.
In the meantime, we note that drilling at our exciting Highway 71 prospect remains scheduled to commence later this month, with the rig planned to move to our prospect after finishing at its current well. If successful, Highway 71 has the potential to recover up to a gross 67.5 Bcf of gas with 1.1 million barrels of condensate. This is equivalent to 12.35 mmBOE, of which Target Energy’s net interest would be to 2.27 mmBOE which would add substantially to our net hydrocarbon position.”

This means that the $500k investment will be paid back in 2 years at current flow rate and price of oil (profit in 2 years!). Not a bad investment, small but long term money in the bank year in year out.

In 2011 the Pine Pasture #2 well will be making $774,037 profit, if oil goes to $100 a barrell that will be $1,060,325 profit a year so all in all not a bad investment.


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## bordercityfirm (14 October 2009)

some interesting thoughts from another forum:

Target Energy's geology team has over 55 years experience combined. I was very impressed by my research. Mike Martin a geologist with 25 years experience and Gerry McGann Director (over 30 years experience) who's success with Incremental Petroleum is worth noting, of which he was a founding shareholder and Managing Director. Its first well in its 2008 appraisal program in the Edirne gas field in Turkey intersected three times the amount of gas pay that was initially forecast. He also was responsible for increasing Incrementals 8217's# hydrocarbon reserves from nil in 2005 to over 16 million barrels of oil equivalent in 2009(one of the largest reserve bases in the sector on the ASX).

Incremental was then targeted by Cooper Energy and later successfully taken over by TransAtlantic Petroleum. With a knowledgeable Geology team I am confident of Target Energys success in Highway 71# and other campaigns. 

and..

Welcome drillah to Target energy (is this your first post?) and here's me thinking that Target was dead as a dodo!

Looks like you have done your research personally didn't look at the geologist that they had on board but as you say they are experienced campaigners. The news out today really underlines their thinking: paying US$500,000 for +25year (well life) well that's producing 83bbls a day. I know that doesn't sound a lot, but that us$500k will be paid back in over 2years! the rest is profit. 

What does that mean, well it means that we won't be getting rich quick....but it does mean that they are cash flow positive and in 2 years they can drill another Highway 71 type prospect every year off that one well....sounds good to me.

If the Highway 71 is a gusher then this will be rerated very quickly. They will have the money to do what they want.....AND YOU WILL GET RICH, IMO

3D seismic that Hollimon Corp have used have been very successful. The well is on trend in a known oil and gas area (rather than in the middle of desert basin....um um middle of oz!) will be easily connected to the all ready in place pipe system.

Remember that TEX had to resist a hostile take-over this year as the board said that the offer was undervalued (94% of share holders who are happy to hold their shares voted no)...what does that tell you? This is what the board said to the 8c offer

"Grant Thornton, the Independent Expert, has determined in its report dated 12 May 2009 that the fair value of a Target Energy Share is in the range of 10 cents and 13.8 cents per share, with a midpoint value of 11.9 cents per share."

see link

And that was without the extra East Chalkley oil and certainly without Highway 71....um and you can now buy these at 5.4c bargain IMO. And remember there is only 156,409,638 shares on the market, that's only a 8.8mil cap (undiluted with options as of yet).

Welcome aboard Drillah!


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## knackers007 (17 October 2009)

Monday 19th October is the last day shareholders can take up the rights offer with free attaching option. Here is a letter sent by the GM to everyone who has signed up for their newsletter.

Dear Shareholder, 

As you know our rights issue closes at 5pm WST on Monday, 19 October 2009. While most of the buying is channelled into the rights issue, the share price in the market is holding at 5.5 cents (yesterday's close). The one for one free attaching option is now listed under the ASX code TEXOB and is currently strongly bid up to 1.1 cents. The oil price continues its strong run and was at US$78 this morning. As per the announcement issued by the Company on 13 October 2009, Target increased its interest in East Chalkley Oil Field increasing its reserves and expects to spud the exciting Highway 71 prospect which will target 67.5Bcf of gas and 1.1 million barrels of condensate in about 10 days, on or about 26 October. We strongly encourage you to participate in the rights issue which closes at 5pm WST on Monday, 19 October 2009. Please note that shareholders can apply and pay by BPay using the reference code on their personal entitlement form. Valid applications received prior to the closing date will be accepted. Shareholders can apply for their entitlements and for additional shares. The issue is fully underwritten by Patersons Securities Limited.   

Yours faithfully   

Laurence Roe
Managing Director
16 October 2009

The results of Snapper A3 flow rates are also out this week. (as per previous announcements) I think anywhere from 25-40 BOPD (for TEX's share) would be a good result.


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## bordercityfirm (20 October 2009)

knackers007,

  We'll see where the share price heads now since with have passed the 19th of Oct. I've been pleased with the way it has held up around the 5.5c. I've been buying and haven't had to chase which is always a bonus.  Money still available to buy off that desperate seller.

I would love to a 100+ bbl a day notice, the market probably wouldn't like it, more interested in pipe dreams in the middle of the desert.

50bbls a day is US$365, 000 a year to TEX 
100bbls a day is US$730,000 a year to TEX 
150bbls a day is US$1,095,000 a year to TEX


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## knackers007 (20 October 2009)

Surely the flow rates are due in very soon??? Going by previous announcements, I would have thought they would have been ready last week or at least this week. Perhaps delayed due to capitol raising.


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## bordercityfirm (21 October 2009)

Perhaps delayed due to capitol raising......why what have you heard? they have just done one, haven't they at 5.5c?


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## blues (21 October 2009)

I have emailed LR with a couple of questions one being when flow rates will be available for Snapper A-3.Will let you know the response.

Cheers.


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## knackers007 (21 October 2009)

bordercityfirm.

I meant to say that perhaps they have delayed the flow rates results due to the capitol raising they just completed.


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## bordercityfirm (21 October 2009)

I would say you are 100% right in that suggestion then. Why would they release good news of flow rates and spudding of a company maker well so that people could sell into it and then pick up new shares at 5.5c. 

I think the company has done the right thing by keeping quiet during this period and I have noticed very little sells below 5.5 but lots and lots between the 5.5 and 6c mark.  Which I have had delight in picking up.  Also is it coincidental that Highway 71 will spud late this month I think not?


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## bordercityfirm (22 October 2009)

Patersons Securities Limited now hold 10m shares in TEX ($550k) and become a substanial holder, what do you think they will do with them? Just get rid or pump them?

I've been buy some more today  as it was pay day!



COMPLETION OF $2.5 MILLION RIGHTS ISSUE
The Directors of Target Energy Limited (“Target”; ASX:TEX) are pleased to advise the successful conclusion of the Company’s 2 for 5 Rights Issue. In all, 76% (33.9 million) of the shares and free attaching options on offer were subscribed for. The remaining shares on offer will be taken up by the underwriter, Patersons Securities Limited, for a total raising of approximately $2.5 million before issue costs.
Highlights
●
Strong support for Target’s exploration strategy.
●
Substantial take up by major shareholders.
●
Funds raised will underpin the drilling of the Highway 71 prospect and will support Target’s ongoing additional exploration and development programs.
Target’s Managing Director, Mr Laurence Roe, said the Company was very pleased to receive such a strong vote of support from shareholders as it continues to pursue its active and successful programs.
For and on behalf of
TARGET ENERGY LIMITED
Laurence Roe
Managing Director


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## knackers007 (22 October 2009)

Perhaps the way to find out if Patersons is in it for the long term is to contact them and see if they are recommending the company as a speculative buy??


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## bordercityfirm (23 October 2009)

News of SML (Snapper) #A-3 flow rates will be due soon. See below news out today: 

Target Energy Limited (“Target”) (ASX CODE: TEX) is pleased to advise that a completion rig has been mobilised to the SML #A-3 location. Completion operations are presently underway.


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## quarky (27 October 2009)

jumped into TEX about a week ago, buying in at 0.054
share price took a drop to 0.042 (-22% for me )

or 12% today

_Code	Last	Move	% Move	Buy	Sell	Open	High	Low	Volume	Value	Last Traded
TEX 	0.048	-0.007 	-12.73% 	0.048	0.053	0.055	0.055	0.042	993,592	50,100	27-Oct 11:51:00 AM
_


can't find why there's such a drop. maybe the rising AU$?
maybe there's something wrong with the drilling rig, that was poised to start drilling any day now...

i should jump in and buy a little bit more today, then.


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## bordercityfirm (27 October 2009)

Not sure whats going on, I noticed that the company put out a quick ann to try and stem the tide but with nothing that we don't already know it didn't do much good.

Looks like it's broken support, and I can even sell mine if I wanted too as theirs nothing to sell into.....well bottom draw and hope for the best at highway 1 otherwise these are worthless.


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## knackers007 (28 October 2009)

I wouldn't panic too much about current SP and forget the charts on this stock.

It has low liquidity at the moment. What we should look at is what is in the pipeline and future projects. The companies earnings will soon reflect how undervalued the stock is. Now that Pine Pasture 2 has a 35% earning and Snapper A3 will soon come online.


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## blues (28 October 2009)

I think you will find there will be selling pressure on these for a little while with the completion of the rights issue. Best to sit back and forget about them for the next few weeks. With Snapper A-3 flow rates, drilling at East Chalkley, Highway 71 and Beyt #1A all happening this quarter there should be a constant flow of news.

Cheers


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## quarky (5 November 2009)

blues said:


> I think you will find there will be selling pressure on these for a little while with the completion of the rights issue. Best to sit back and forget about them for the next few weeks. With Snapper A-3 flow rates, drilling at East Chalkley, Highway 71 and Beyt #1A all happening this quarter there should be a constant flow of news.
> 
> Cheers




yeah, but the SP still keeps falling. 
got it in at 0.055 but this doesn't look good.
hope it bottoms out and i can then buy into it again, so that i can somewhat recuperate costs.

well, the director's are accumulating...maybe the know something... hmmm


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## knackers007 (5 November 2009)

Well the drilling is almost half way there. Hopefully we get some excellent results!!! 2400 metres to go.


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## knackers007 (9 November 2009)

I was just looking at the comments on another forum about TEX. Someone noted "the jump in the options that does not seem to correlate with the main share". I've noted good volume on the limited options in the past few weeks. Could be a build up to something? Perhaps BEYT#1 is scheduled to be sidetracked?


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## knackers007 (17 November 2009)

FINALLY, some action. Drilling results are due in a few weeks, but they have already hit unexpected commercial quantities of gas on the way down. Should be an interesting couple of weeks with some more announcements due with Snapper A3 almost in production, Beyt 1 expected to be side tracked in the near term and of course the drilling reults of Highway 71.


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## quarky (19 November 2009)

yup, *Knackers007*.

i hold TEX from 0.05 (before it dipped to 0.04 and i didn't top up!  )



AGM (19 NOV 2009) slides show the following:

_

“High Impact” well drilling now at Highway 71 prospect –gas already encountered
successful Snapper A3 well going into production
working interest in East Chalkley Oil field to 35%



ExplorationExploration
Highway 71 Prospect ‐Wharton County, Texas

•Total potential of 67.5 Bcf + 1.1 million BC
•TEX working interest is 25%
•9 metres of gas sands already identified in “Yegua/Cooktown”sands at approx 2,350m
•52.5 Bcf + 367,000 BC ‐primary target (1st,2ndMeek Sst)
•15.0 Bcf + 750,000 BC ‐secondary target (Upper Wilcox Sst)
•13,500 ft (4,110m) vertical well
•Turnkey drilling contract
•Drilling commenced 26 October –six week program
_


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## No.1MoneyMaker (20 November 2009)

Just realised Gerry McGann has resigned as a director. Is this a good chance to picking up some more or a bad sign  Any clue??


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## No.1MoneyMaker (20 November 2009)

Just got the info, Gerry is starting up his own company!! So nothing worth to worry about!


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## knackers007 (20 November 2009)

Gerry McWho?????? Nice move on a small announcement today and not a bad week considering the crappy last month. Highway 71 and Beyt 1 next


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## No.1MoneyMaker (2 December 2009)

Promising announcement! Well is to be completed as a producer.

ASX ANNOUNCEMENT
02 December 2009
Company Announcements Platform
Australian Securities Exchange Limited
Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
TARGET IDENTIFIES FURTHER COMMERCIAL GAS RESERVOIRS AT HIGHWAY 71
Perth-based oil and gas exploration and production company, Target Energy Limited (“Target” or “the company”) (ASX: TEX) has identified further potential commercial gas reservoirs in the deeper section of its Highway 71 exploration prospect.
On the basis of these results the well, located in Wharton County, Texas, will be completed as a producer and is expected to be brought on-line in early 2010.
Target’s managing director, Laurence Roe, said that this is an excellent outcome for the company.
“The Highway 71 prospect has delivered around 20 metres of net pay in three separate zones – both within our primary and secondary target intervals as well as in the shallower Yegua/Cooktown sands.
“In addition to the net pay already identified, we are presently assessing possible completion strategies for the 2nd Meek Sand. Log analysis has indicated that the zone contains approximately 22.9 metres of hydrocarbon bearing reservoir with low permeability and a possible water cut,” said Mr Roe.
“The partners in the Highway 71 well have agreed to run casing in anticipation of completing the well for production. In the meantime, analysis of the wireline log data will continue and work to design a suitable completion program is underway.
“While it is too early to speculate on ultimate flow rates and reserves, we expect the well to be completed within the month and we will be aiming to bring it into production before the end of January,” said Mr Roe.
Wireline logging at the well’s total depth (4,125 metres) has indicated the presence of approximately 11 metres of net gas pay in two zones – 4.9 metres of potential pay in the Upper Wilcox sands and 6.4 metres of potential pay in the 1st Meek “B” sand. In addition, a further 22.9 gross metres of possible pay has been identified in the 2nd Meek sand, with work ongoing to determine its prospectivity.
The Company has previously advised of approximately 9 metres of potential net gas pay within “Yegua/Cooktown” sands at approximately 2,347 metres depth
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 01/12/09 (Western Aust Standard Time) /
6:00 am 01/12/09 (USA Central Daylight Time)
Current Depth: 4,125.2 metres RT (Total Depth).
Progress: Drill ahead in 165mm (6  ½”) hole from 3,837.8 m to 4,125.2 metres (Total Depth). Run wireline logs. Commence running 114mm (4.5”) casing to TD. Well is to be completed as a producer.
Target Energy Page 2
Hydrocarbon
Indications Formation Comments
Yegua/Cooktown 9 metres of net gas reservoir sands (as previously advised)
Upper Wilcox 4.9 metres of net gas pay
1st Meek Sand gas charged sand - appears tight
1st Meek “B” Sand 6.4 metres of net gas pay
2nd Meek Sand 22.9 metres of lower permeability hydrocarbon-bearing reservoir (with possible water cut)
Target Energy has a 25% Working Interest in the Highway 71 prospect.
While operations are underway, the company will issue routine releases every Thursday or at any such time that material matters require an earlier release.
ENDS
For and on behalf of
TARGET ENERGY LIMITED
Laurence Roe
Managing Director
NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Mr Laurence Roe, B Sc, Managing Director of Target Energy, who is a member of the Society of Exploration Geophysicists and has at least 5 years experience in the sector. He consents to that information in the form and context in which it appears.


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## quarky (23 April 2010)

Creating a 'new' 52-week low for "Target Energy" (ASX:TEX)

Day's Range:	0.024 - 0.027
52wk Range:	0.024 - 0.120


good time to buy i suppose, so i can recoup the < 50% loss, after buying into it at 0.054, last year.


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## Ruprect (5 October 2010)

No talk, no interest here in TEX for 6 months! Im still holding a hell of a lot of options here...hmm. It kept dropping, i kept buying. Any thoughts here on TEX?

Awaiting more drilling late October which may be of some interest to the market, as it was at the same time last year. I still like them, less than 200m shares on offer, explorer and producer meaning money coming in regularly = less dilution for the future.


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## Sim81 (22 May 2013)

Well its been a long time since anyone posted here on TEX!

Share price is still 6c at the moment but the shares issued is a bit more!

Its safe to say that TEX is in a much better position then they were when the last post on here was made. 

-No debt
-400k a month in income
-More drilling planned
-will double revenue in 6 months and be cashflow positive.


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