The company said operator Cypress Productions planned to ramp up production at the Snapper-A-1 well to 2MMcfd over the next two months.

Drilled in April, Snapper A-1 is in the Section 28 oil and gas field area, about 25km east of the city of Lafayette in southern Louisiana.

The well intersected 11.9m of potential pay in four separate zones and is producing only from the deepest zone. The shallower zones will be completed and produced at a future date.

Target managing director Laurence Roe said starting production at Snapper A-1 was another achievement for the company.

“This is the second of our discoveries to come on-line – in just over eight months from listing on the ASX we already have two of our three discoveries in production with the third not far behind,” Roe said.

“We have another six wells planned to drill before the end of the year, of which four will be in the Section 28 field area. This is an exciting time for a young company.”

Target Energy has a 25% working interest in the well.