The well reached a total depth of 1470.7m below the rotary table. Three zones – between 1125m and 1127.2m, 1137.5m and 1140.6m and 1293.6m and 1296.6m – flowed dry gas during formation testing.
A fourth zone (1078.4-1079m) recovered gas and water from a test at 1078.7m, and additional potential pay has also been identified elsewhere in the well, according to managing director Laurence Roe.
“Casing has been run in the well and we will soon bring a completion rig onsite to prepare the well for production,” he said.
Garwood-1 is Target Energy’s third discovery in a row following success at the Thoroughbred and Snapper A-1 wells, giving Target a 75% success rate since listing last November.
The company’s eight-well drilling campaign in Texas and Louisiana is targeting over 300 billion cubic feet equivalent in oil and gas reserves.
Its strategy has been to leverage into drill-ready projects with a range of risks and rewards with reputable, experienced local operators, and generate early cash flow and momentum.
