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Target Energy Limited Announces Update on Fairway Project

WEST PERTH, AUSTRALIA--(Marketwired - Nov 1, 2013) - US-focussed oil and gas producer Target Energy Limited ("Target") (OTCQX: TEXQY) (ASX: TEX) is pleased to provide an update on its Fairway Project in West Texas.

Wagga Wagga #1 (Final Report)

Wagga Wagga #1 has reached Total Depth at 3,057m (10,030 ft). Wireline logs have been run and production casing set and cemented. The rig has been released.

Darwin #3

Following the fracture stimulation program over the Lower Wolfberry section at Darwin #3, the well is being flowed back. Approximately 30% of the load-water (12,900 barrels were used during the stimulation process) has now been recovered with an increasing oil-cut.

Target Managing Director Laurence Roe commented on the drilling, "Wagga Wagga #1 encountered good oil and gas shows in the lower Wolfberry section and a preliminary log analysis confirms potential pay there along with potentially productive zones in the Fusselman and Ellenburger formations.

"We have further log analysis to undertake in order to finalise our completion program, but in the meantime we are running production casing and will mobilise a completion rig as soon as we can to test these zones and commence production."

Wagga Wagga #1 Operations Update
Target WI: 45%

All reported depths are measured below the Rotary Table (RT) on the rig floor.

Report Date:
7:00 pm 30/10/13 (Western Aust Standard Time) /
6:00 am 30/10/13 (USA Central Daylight Time)

Current Depth:
3,057 m (10,030 ft) (Total Depth)

Progress:
Drill ahead to 3,057 m (10,030 ft). Run wireline logs.
Run & cement production casing. Rig released at 1300hrs
29 Oct 2013.

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 over 30 years' experience in the sector. He consents to that information in the form and context in which it appears.