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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY TAKES ADDITIONAL INTERESTS IN NEW ZEALANDHOUSTON, October 25, 2000 - Swift Energy Company (NYSE, PCX: SFY) reported today that its wholly-owned subsidiary, Swift Energy New Zealand Ltd., has entered into agreements with certain subsidiaries of Fletcher Challenge Energy Limited (“FCE”) whereby it will earn a 20% participating interest in PEP 38718 (approximately 57,401 acres) and a 25% participating interest in PEP 38730 (approximately 48,929 acres), both located in the Taranaki Basin in New Zealand. As operator, FCE will begin drilling activity on the Tuihu Prospect located in the northern portion of PEP 38718 this week, and the well should take from 45 to 60 days to complete. Additionally, the Company announced that the second delineation well at its Rimu discovery in the Taranaki Basin, the Rimu-B2, was spudded on October 24th and will also take approximately 45 to 60 days to complete. The additional interests are in permits that are located in the Taranaki Basin onshore New Zealand and straddle the basement thrust fault system defining the eastern edge of the Basin. They lie in an excellent position with respect to oil and gas sourcing and the development of reservoir rock. They are prospective for hydrocarbons at multiple levels, including the Tariki sandstones encountered further south at the Company’s Rimu discovery, as well as the Eocene sandstones found in the Kapuni Field. The Tuihu Prospect, in particular, is a well-defined structure with four-way closure that lies just to the west of the primary basement thrusting. Based upon existing seismic data, it appears that the structure may be associated with particularly thick development of Tariki sandstones at approximately 14,000 feet. Additionally, it appears that the Tikorangi limestone, at a depth of approximately 11,000 feet, and the Eocene sandstones, at a depth of approximately 14,750 feet, are also prospective. The Tuihu Prospect is estimated to have reserve potential in the primary objective of approximately 200 to 400 billion cubic feet equivalent of gas with substantial associated condensate. It is anticipated that this will be a gas/condensate reservoir, but given the Rimu discovery to the south, the presence of oil cannot be discounted. The Rimu-B2 well is the third well to be drilled by the Company in the Rimu area. The Company announced results for its Rimu-A1 exploratory well in December 1999 and the Rimu-B1 delineation well earlier this month. The Company currently estimates the total reserve potential for this Upper Tariki oil discovery to be between 40 and 100 million barrels of oil equivalent. Swift Energy New Zealand Ltd. holds a 90% interest in this permit (PEP 38719), which covers 100,652 net acres extending both onshore and offshore on the western coast of the northern island of New Zealand. The Company also holds a 7.5% interest in the Huinga Prospect (PEP 38716), which is located immediately south of the two additional permits. Terry Swift, President of Swift Energy Company, noted that, “We have been particularly pleased with our recent success in New Zealand, and we believe that the Rimu discovery demonstrates the development and trapping of oil and gas source rock along the western edge of the primary basement thrusting. Picking up these additional interests in acreage further to the north and along this same trend offers us further opportunity in this area.” 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 acquisitions 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
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This page was last updated on Monday, January 10, 2005, at 08:18:14 AM. Copyright © 1994-2008 by Swift Energy Company. |
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