Target Energy Limited announced that the company to provide an operations update on its Fairway Project in the Permian Basin, West Texas. Drilling is now underway at BOA North #5 in Howard County, in which Target has a 50% Working Interest. The well will be drilled to a planned depth of 3,030m (9,942 ft) and will test both the Fusselman and Wolfberry targets.

Following BOA North #5, the rig will mobilise to the Taree #1 well in Glasscock County, in which Target has a 50% WI. The well lies approximately 2 km south east of the Ballarat 185 #1 well. The well will be drilled to a planned depth of 3,048m (10,000 ft) and will test both the Fusselman and Wolfberry targets.

Drilling at Bunbury #1 has been rescheduled to Fourth Quarter to accommodate delays in site building. The partners have agreed to move the proposed Darwin #4 well forward to replace Bunbury. Darwin #4 will be located just to the south of Darwin #1 (Fusselman production) in Howard County and will target both Fusselman and Wolfberry objectives.

Drilling at Darwin #4 is expected to be underway in September. Target has a 50% WI in the Darwin lease. Wagga Wagga #2 was put on pump on 1 August 2014 following fracture stimulation in July.

Oil production at the well has continued to increase with last reported production of 110 BOPD with 195 BWPD. Approximately 12,500 barrels of load water are yet to be recovered. Target has a 35% WI in the Wagga Wagga lease.

Homar #1 was put on pump on 5 August 2014 following fracture stimulation in July. In the first 3 days of production the well averaged 49 BOPD with 234 BWPD and (estimated) 150 mcfgd. Approximately 12,037 barrels of load water are yet to be recovered.

Target has a 50% WI in Homar #1. Fracture stimulation at BOA North #4 is imminent with the work scheduled to commence in the week of 11 August 2014. Target has a 50% WI.