OPERATIONS

On Target for early cash flow

TARGET Energy has brought a second well online at its Snapper gas field, in Louisiana, meaning the junior explorer -listed only 15 months ago - is now making, rather than losing, money.

On Target for early cash flow

Gas produced from the recent Snapper-A2 well will be tied into the nearby Snapper-A1 production facilities, and is expected to be online within a month.

“With both Snapper A1 and Snapper A2 wells in production, Target Energy expects to become cash flow positive,” Target’s managing director Laurence Roe said.

“The cash flows from our four operating wells now provide a consistent income stream underpinning Target’s aim of increasing its level of participation in larger and potentially more rewarding projects.”

Over the next few months, Roe said he expected the company to announce more positive news as results came in from the Bandito, Parks North, Snapper-A3 and Catapult wells all at various stages of development.

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