ABN 73 119 160 360
Annual Report
2016
Corporate Philosophy
Target Energy Limited was established in 2006 with the simple objective of creating a successful publicly listed petroleum exploration and production company.
We chose the United States as our principal area of operations due to the attractive operating environment in that country. In particular we focused on regions with high levels of activity, success and infrastructure. We then selected reputable operators who had demonstrated track records of success and selected the best available prospects from their inventories to comprise our portfolio.
This strategy paid off almost immediately with Target Energy becoming an oil and gas producer in the United States within 6 months of listing on the ASX.
More recently, the Company has expanded its focus to include unconventional and resource plays, such as those in the prolific Permian Basin in West Texas. The Company now has an established presence in this sector.
Target will continue to actively source and drill a range of prospect types and will seek to expand its areas of operations as opportunities become available.
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Contents
Corporate Directory 4
Page
Corporate Overview 6
Chairman's Report 5
Production 9
Project Review 7
Lease-holdings 13
Reserves 11
Directors' Report 18
Glossary of Technical Terms 14
Financial Statements 27
Auditor's Independence Declaration 26
Directors' Declaration 61
Notes to the Financial Statements 31
Shareholder Information 64
Auditor's Report 62
Corporate Governance Statement 67
ANNUAL REPORT 2016 3
Corporate Directory
Directors
Christopher Rowe, M.A Non Executive Chairman
Laurence Roe, B.Sc Managing Director
Stephen Mann, CA Non Executive Director
Company Secretary
Rowan Caren, B.Com, CA
US Office
1900 St James Place, Suite 425
Houston Texas 77056 USA
Telephone (713) 275 9800
Facsimile (713) 275 0999
Registered Office - Australia 6 Richardson Street, Suite 5 WEST PERTH WA 6005
Telephone (08) 9476 9000
Facsimile (08) 9476 9099
Mailing
PO Box 140
WEST PERTH WA 6005
Website: www.targetenergy.com.au
Solicitors to the Company
Steinepreis Paganin Gardere Wynne Sewell LLP Level 4, The Read Buildings 1000 Louisiana, Suite 2000
16 Milligan Street Houston, Texas 77002
PERTH WA 6000 USA
Auditors
HLB Mann Judd GBH CPAs, PC
Level 4, 130 Stirling Street 6002 Rogerdale Road, Suite 500
PERTH WA 6000 Houston Texas 77072 USA
Share Registry
Advanced Share Registry Services 150 Stirling Highway
NEDLANDS WA 6009
Telephone
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(08) 9389 8033
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Facsimile
ASX Code:
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TEX
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(08) 9389 7871
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OTCQX International:
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TEXQY
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4 TARGET ENERGY LIMITED