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SWIFT ENERGY COMPANY NEWS
SWIFT ENERGY ANNOUNCES SUCCESSFUL LOGGING
OF ITS RIMU-B1 WELL
HOUSTON, September 20, 2000 - Swift Energy Company (NYSE: SFY; PCX)
reported today that its New Zealand delineation well in the Taranaki Basin,
the Rimu-B1, has been successfully logged to a total depth of 13,740 feet
(4,189 meters) and confirmed the presence of a Lower Tariki section of high
quality reservoir rock from 13,222 feet (4,031 meters) to 13,304 feet (4,056
meters). A full logging suite of resistivity and porosity tools was run
indicating porosities ranging from 12% to 30%. Based upon petrophysical
analysis, the Lower Tariki section has approximately 56 feet (17 meters) of
net pay with an average porosity of 17%. This confirms the Company's
expectations derived from data collected during drilling, including
hydrocarbon shows to the surface and the presence of a gas flare.
The Rimu-B1 well, which was drilled below this Lower Tariki section in
order to establish the presence of sandstones in the lower Cretaceous
intervals, encountered numerous drilling breaks with minor hydrocarbon shows.
Electric log measurements indicate that the Cretaceous intervals encountered
in the Rimu-B1 well are of greater reservoir quality than the equivalent
intervals seen in the down-dip Rimu-A1 well. Based upon subsequent
petrophysical analysis, these Cretaceous intervals were deemed to be
non-commercial at this down-dip location. However, this critical geologic
data, along with recently acquired and interpreted seismic data, further
supports the prospectivity of the larger Kauri structure where both the Lower
Tariki and Cretaceous intervals encountered in the Rimu-A1 and Rimu-B1 wells
can be mapped up-dip and to the south as much as 3,000 feet (915 meters) high
to these locations. The Kauri Prospect is expected to be drilled in early
2001.
As previously noted, there are other potential horizons in this well
including the Upper Tariki that was successfully tested in the Rimu-A1 well.
It is the Company's interpretation that the Upper Tariki section, equivalent
to the Upper Tariki found in the Rimu-A1, is largely faulted out in this well,
and that a full Upper Tariki section should be present in close proximity.
The Rimu-B1 is presently being cased which should be completed in the next
several days. Subsequently, a short duration production test will be performed
on the Lower Tariki, after which these results will be announced by the
operator. Following this testing, the rig will be skidded approximately twenty
feet and a second delineation well will be drilled on the same pad. The
Rimu-B2 well will be targeting both the Upper and Lower Tariki intervals
between the Rimu-B1 and the Rimu-A1 wells. Extended production testing of the
B1 well, and the B2 well if successful, will be conducted following the
drilling of the Rimu-B2. It is anticipated that initial production from the
field will begin during the first half of 2001.
Swift Energy New Zealand Ltd., as operator, completed the drilling of the
Rimu-A1 discovery well in October of 1999. Swift Energy holds a 90% interest
in the permit on which this well was drilled, which covers 100,652 net acres
extending both onshore and offshore on the western coast of the northern
island of New Zealand. Antrim Oil & Gas, Ltd., a wholly owned subsidiary
of Calgary-based Antrim Energy, Inc. (CDNX: AEN.), and Marabella Enterprises
Ltd., a subsidiary of Brisbane-based Bligh Oil and Minerals Ltd. (Australia:
BLO), each hold a 5% interest.
Terry Swift, President of Swift Energy Company, noted that, "The
successful logging of the primary objectives, the Upper and Lower Tariki
sandstones, reaffirms our belief that the Rimu discovery holds great potential
for the Company. The Rimu-B1 has also confirmed the presence of Cretaceous
sandstones on the down-dip flank of the Kauri Prospect. Based upon interpretation of our seismic data, the Tariki and Cretaceous sandstones
are anticipated to be present significantly up-dip and south towards the major
Kauri structure. We are extremely excited about the Rimu-B1 delineation
results and look forward to testing the Lower Tariki interval in this
well."
Swift Energy Company is an independent oil and gas company engaged in the
exploration, development, acquisition, and operation of oil and gas
properties, with a focus on U.S. onshore natural gas reserves. Founded in 1979
with headquarters in Houston, Texas, the Company has achieved outstanding
growth rates in proved oil and gas reserves, production, and cash flow over
the last five years through a disciplined program of and drilling, while
maintaining a strong financial position.
This material includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The opinions,
forecasts, projections, or other statements other than statements of
historical fact, are forward-looking statements. Although the Company believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct. Certain risks and uncertainties inherent in the Company's
business are set forth in the filings of the Company with the Securities and
Exchange Commission.
16825 Northchase Drive, Suite 400, Houston, Texas 77060
http://www.swiftenergy.com
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