US-focused oil and gas producer Target Energy Limited provides the following corporate update.
Target has been active at its Fairway Project in the Permian Basin since 2011. During that time, it has drilled 15 wells and built up a 55% working interest in 4,483 acres for a net acreage position of 2,479 acres. Average gross production in the December quarter of 2014 was 224 barrels of oil equivalent per day (BOEPD).
In the second half of 2014, Target and its partners appointed an advisor to seek to sell the Fairway interests.
However, oil prices have declined considerably over the past 3 to 6 months from an average of US$94.992 for calendar year 2014 to an average price over the first 3 months of 2015 of US$50.422. This decline has been reflected in the share prices of oil and gas explorers and producers globally.