Drilling of the Catapult-3 well is due to start in about five weeks and is targeting up to 204 billion cubic feet of gas and 10.2 million barrels of recoverable condensate in Early Miocene-age Alliance (Planulina) and Trahan sands.

“Catapult has the potential to become a genuine ‘company maker’ for Target Energy,” Roe said.

“While we consider Catapult to be a relatively high-risk, high-reward play compared to some of our earlier acquisitions, the prospect is thoroughly mapped on 3D seismic, well integrated with the local geology and is adjacent to two recently drilled wells that tested with combined rates of 40 million cubic feet of gas per day and 2300 barrels of condensate per day.”

Under the farm-in, Target will earn a 15% stake in the Catapult-3 prospect, which is about 50km southwest of Lafayette in Vermilion Parish, Louisiana.

Based on 3D seismic, the Catapult-3 well has a planned total depth of 4724m.

Since listing last year, Target has made four consecutive oil and gas discoveries in the United States, with three of the four wells now in production and generating cash flow.

Target is drilling wells at the Bayou Berard (15% interest) and Teche prospects (10%), where it is targeting combined potential recoverable gas and condensates in excess of 24Bcf.