Target Energy Limited engaged in the exploration, development, and production of oil and gas in the United States. It held a 50% interest in the Buffalo project covering approximately 13,000 acres located in south Texas; a 60% interest in the Fairway project covering approximately 1500 acres situated in west Texas; and a 35% interest in East Chalkley Oil project in Cameron Parish, Louisiana. The company also held oil and gas interests in Merta Gas Field in Wharton County, Texas; the Wolfberry play in western Texas as well as in St Martin Parish, Louisiana.
On 17 December 2019, Target Energy Limited was placed into liquidation by Order of the Federal Court of Australia. In February 2020 the company was delisted from the ASX.