Target Energy : Resignation of Director

ASX Announcement

4 January 2019

Target Energy Limited (ASX:TEX) ("Target") advises that it has accepted the resignation of Stephen Mann, a non-executive director.

Mr Mann's resignation took effect at 5:00pm WST on 31 December 2018. The Company notes that it does not presently have the minimum number of directors as required by the Corporations Act and is therefore actively working to secure and appoint a new director as soon as possible.

Managing Director Laurence Roe commented, "Stephen has been a strong supporter of Target Energy since joining the board in December 2010. He has materially and consistently contributed to the advancement of the Company.

"He will remain a good friend to Target and he departs with the thanks and the best wishes of his fellow board members."

ENDS

For and on behalf of TARGET ENERGY LIMITED

Laurence Roe Managing Director

TARGET ENERGY LIMITED Address 6 Richardson St (Suite 5), West Perth WA 6005

Mailing Address PO Box 140 West Perth WA 6872 ABN 73 119 160 360 | Ph [phone] Fax [phone] | [e-mail] | www.targetenergy.com.au

Corporate information

ASX Code: OTCQX Code:

Board of Directors

TEX TEXQY

Laurence Roe, Managing Director Matthew Battrick, DirectorDean Calder, Company SecretaryABN 73 119 160 360

Contact details

6 Richardson St, Suite 5

West Perth WA 6005 Tel: [phone]

E:[e-mail] W:www.targetenergy.com.au

Media Inquiries:

Australia

Laurence Roe Managing Director [phone]

NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Mr. Laurence Roe, B Sc, Managing

Director of Target Energy, who is a member of

1

the Society of Exploration Geophysicists and has over 30 years' experience in the sector. He consents to that information in the form and context in which it appears.