The company told the market yesterday that wireline logging indicated the Snapper A-2 well had encountered 94 feet (28.7m) of oil and gas pay in seven zones.

As a result, Target said the well was being cased and suspended for production.

“[This is] a very encouraging result,” the company said.

“The next step will be to release this rig and bring a workover rig onsite to complete the well and to conduct flow tests.”

Elsewhere in Lousiana, Target is participating in drilling a well targeting 22.4 billion cubic feet of gas and condensate in the Teche prospect.

Operator Aspect Energy was yesterday afternoon drilling the Riviana Floods-1 well ahead at a depth of 126.5m.

The well will be directionally drilled ahead to a depth of 3810m, where it is targeting gas and condensate in the Oligocene-aged ‘Bol mex 2’ sands.

Additional potential has also been recognised in a number of other sands.

Drilling is expected to take about four weeks

Target’s managing director Laurence Roe said this was the first of two wells to be drilled in partnership with Aspect Energy.

“The Teche prospect is well-defined by good-quality 3D and is located in a known hydrocarbon production region,” he said.

“With up to 22 billion cubic feet equivalent gas potential, a discovery in this well will have a very positive impact on our cash flow.”

Target has a 10% stake in the Teche prospect and 25% of the Snapper field.