Australia-based, U.S.-focussed oil and gas exploration and production company Target Energy has advised that, in regard to the planned drilling of the Pine Pasture #3 well at its East Chalkley oil field, it has now been notified by the field operator, Magnum Hunter Resources, that drilling operations will not commence prior to Magnum Hunter’s planned divestment of its interest in the field.
Target Managing Director Laurence Roe commented that Magnum Hunter’s decision not to drill as scheduled came very late in the process. “Having completed all preparations, we were waiting for the rig to mobilise to the site. The decision to delay the well has not been welcomed by Target.”
Target will now review whether it wishes to increase its interest in the field and will otherwise pursue options to accelerate activity in the field. Frankly, we believe this is a very good asset, but we can only unlock its value by getting on with the drilling – something Target has been advocating for some time.
In the meantime, Target can also advise that it is at an advanced stage in discussions to participate in what it considers to be an exciting new project in South Texas. In this project, Target will act as operator and will have control over the extent and timing of the work program. We look forward to completing these discussions in the very near future and providing further advice to the market.
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