Australian (ASX) Stock Market Forum

TEX - Target Energy

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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?

:2twocents:2twocents
 
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
 
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??
 
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.
 
jumped into TEX about a week ago, buying in at 0.054
share price took a drop to 0.042 (-22% for me :banghead:)

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. :rolleyes:
 
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.

:(
 
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.
 
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
 
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
Click to expand...

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 :)
 
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?
 
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.
 
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
 
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
 
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.
 
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.
 
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. :)
 
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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