Target Energy Limited provided an operations update on its Fairway Project in West Texas. Sydney #2 is presently flowing at 316 BOEPD (270 BOPD with 277 mfcgd) from the Fusselman Formation-which is at the high-end of the company's initial flow rate expectations. As announced on December 10, 2013 the Fusselman intersected at Sydney #2 is substantially thicker and more porous than Sydney #1, which has been Target's most successful Fusselman well to date.

At Wagga Wagga #1, the completion and testing program remains underway. Current testing in the Devonian section at a depth of approximately 2,850m has recovered oil while swabbing the well, with a single-stage fracture stimulation of the zone scheduled for the end of the week to enhance the ability of this section to flow. The company is also progressing plans to proceed with a more extensive frac interval that would be additional to any production from the Devonian.