Target Energy Limited provided the following operations update for its Fairway Project in West Texas. Drilling at Darwin #4 commenced on 20 November 2014. The well is presently drilling ahead at 768m (Table 1).

Darwin #4 is situated approximately 1,800 ft south of the Company's 2012 Darwin #1 discovery well and will target both Fusselman and Wolfberry intervals; the well will be drilled to a planned depth of approximately 3,048m (10,000 ft). Target has a 60% Working Interest (WI). A fracture stimulation was performed at the Taree 193 #1 well in Glasscock County on 21 November 2014.

The seven stage program covered a gross interval of 780m using approximately 23,700 barrels of load water. The well is presently flowing back load water with increasing oil and gas. Target has a 50% WI in Taree 193 #1 which is situated approximately 2 km south east of the Ballarat 185 #1 well.

Completion operations remain underway at BOA North #5 (Target WI: 50%).