Target Energy Limited announced an operations update on its Fairway Project in West Texas. The Homar #1 well (Target has a 60% Working Interest) is presently drilling ahead at 2,710 m (8,890 ft). Total Depth of the well is planned at 3,230 m (10,600 ft) and will test the Wolfberry section.

Drilling operations commenced on 5 May 2014, with the well expected to reach its total depth within the week. Following the conclusion of drilling at Homar #1, the drill rig will immediately move to the Ballarat lease, approximately 5 kms east of the Sydney lease. The Ballarat 185 #1 well will be drilled to a planned total depth of 3,350 m (11,000 ft) and will test Fusselman and Wolfberry targets.

Target has a 60% Working Interest in the Ballarat lease. At BOA 12 #3 (Target has a 60% Working Interest), oil production is steadily building with an average of 101 BOPD plus 152 BW over the last three days. This follows a 4-stage fracture stimulation program of the Wolfberry section that was undertaken on 2 May 2014.

The well is now on pump with approximately 52% of the load water (8,090 barrels) recovered. At BOA North #4, the Fusselman Carbonate recovered oil on test and the well has been put on pump. Initial oil production was 25 BOPD in the first four days.

Additional stimulation is being planned. Target has a 60% Working Interest in the lease. At Wagga Wagga #2 (Target has a 45% Working Interest), testing of up to three zones in the Devonian and Fusselman sections is underway and also has extensive potential pay identified in the Wolfberry section.