Target Energy Limited provided an operations update on its Fairway Project in the Permian Basin, West Texas. Drilling has concluded at the Homar #1 well (Target has a 60% Working Interest) with the well reaching a Total Depth of 3,292m (10,800 ft). Homar #1 experienced strong oil and gas shows throughout the Wolfberry section as well as a strong show in the Fusselman Carbonate.

Production casing has been run in the well, which will be completed as an oil and gas producer. Drilling is currently underway at Ballarat 185 #1, approximately 5 kms east of the Sydney lease in Glasscock County. Operations commenced on 7 June 2014, with the well presently at a depth of 128m (420 ft), running surface casing.

Ballarat 185 #1 will be drilled to a planned Total Depth of 3,350m (11,000 ft) and will test Fusselman and Wolfberry targets. Target has a 60% Working Interest. At Wagga Wagga #2 (Target has a 45% Working Interest), following testing of three zones in the Devonian and Fusselman sections, plans are underway to undertake a fracture stimulation of the lower Wolfberry section -- similar to that performed in Wagga Wagga #1. It is expected that the stimulation program will commence in approximately a months time.