(MENAFN- ProactiveInvestors - Australia) Â Target Energy (ASX: TEX) is moving to complete the Pine Pasture-3 well in Cameron Parish, Louisiana, as an oil producer.
Wireline logs indicated the well in the company's East Chalkley Oil Field had intersected about 8 metres of net oil pay.
This is roughly equal to the pay intersected at the Pine Pasture-2 oil well.
Production casing is now being run and a completion rig will be mobilised to the location to complete the well for production.
Pine Pasture-3 was drilled from Target's existing production facilities, allowing it to be tied in immediately.
East Chalkley has been independently estimated to host 1.7 million barrels of recoverable oil.
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