Target Energy Limited says that the sale of a 10% Working Interest in the Fairway Project to Aurora Energy Partners (Aurora), a Texas general partnership in which Victory Energy Corporation owns a 50% interest and serves as managing partner, was to have been completed this week. Aurora has advised Target that it will not provide the funds to complete the transaction at this time.

As previously advised, in response to external delays in completing conveyancing of titles, the Purchase and Sale Agreement (PSA) signed by Target's wholly owned subsidiary TELA Garwood LP ("TELA Garwood") and Aurora on 30 June 2014 split the closing of the sale into two parts.

Tags: Target Energy