Deutsche Bank today announced its appointment as depositary bank for the Level I American Depositary Receipt (ADR) program of Australia-based Target Energy Limited (Target Energy).
Target Energy is an oil and gas exploration and production company with offices in Perth, Western Australia and Houston, Texas. Target Energy currently has four producing wells in the Permian Basin in West Texas, with plans to add new wells before the end of the year. In addition, Target Energy is producing hydrocarbons from the East Chalkley Oil Field located in southwest Louisiana with plans to drill one new well in that field in the next few months. The company has additional producing assets in Texas and Louisiana. Target Energy is listed on the Australian Securities Exchange and trading under the symbol "TEX".*
Edwin Reyes, Global Head of Depositary Receipts at Deutsche Bank, said, “We are delighted to be appointed as the depositary bank for Target Energy’s ADR program. We are pleased to include Target Energy on our growing roster of Australian clients and look forward to providing Target Energy with the highest level of service."
*Target Energy (May 2013)