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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY UPDATES NEW ZEALAND ACTIVITYHOUSTON, January 22, 2001 - Swift Energy Company (NYSE, PCX: SFY) reported today that it has successfully logged the Upper Tariki sandstone in the Rimu-A2 well, its third delineation well in the New Zealand Taranaki Basin, and is running production casing through this interval. The Company plans to drill an additional 1,640 feet (500 meters) to evaluate the Lower Tariki sandstone at this location. As previously announced, the Upper Tariki sandstone tested at rates up to 1,525 barrels of oil per day and 4.8 million cubic feet of natural gas per day from the Rimu-A1 exploratory well. The Rimu-A2 well has been successfully logged to a total depth of 12,890 feet (3,930 meters) and confirms the presence of an Upper Tariki section of high quality reservoir rock from 12,526 feet (3,819 meters) to 12,717 feet (3,877 meters). Open-hole wireline measurements of resistivity, sonic, density and neutron porosity indicate effective porosities ranging from 12% to 20%. Based upon petrophysical analysis, this Upper Tariki section has approximately 89 feet (27 meters) of net hydrocarbon thickness with an average porosity of 16%. The Company expects year-end 2000 gross proven reserves for the Rimu area in New Zealand to be estimated at 27 million barrels of oil equivalent (net proven reserves recorded to the Company’s interest of approximately 20 million barrels of oil equivalent). The proven reserves will be initially classified as proven undeveloped reserves with approximately 55% classified as oil and hydrocarbon liquids. These proven undeveloped reserves include the results of three wells drilled, tested and/or completed prior to year-end, plus four additional locations with a future development cost estimated to be approximately $24.3 million including the production facilities. The Rimu-A2 well that is presently drilling could expand the proven limits of the field, which is currently assessed at 1,500 acres. The Company has identified over 8,000 acres in the Rimu area with a reserve potential between 40 and 100 million barrels of oil equivalent. Additionally, the Company estimates that the Kauri Prospect could hold an additional 200 to 500 million barrels of oil equivalent of prospective reserves. The Rimu-A2 is the fourth well drilled in this area and is targeted to evaluate the Upper and Lower Tariki sandstones and Rimu limestone intervals. The well bore information from the wells drilled to date, along with the significant seismic data obtained and interpreted, continues to provide evidence that this Rimu area and the yet to be drilled up dip Kauri Prospect may well be in direct communication to form a major multi-zone field discovery. Following the completion of the Rimu-A2 well, the Company is considering drilling a third well from this surface location, the Rimu-A3, and then moving the rig to test the larger Kauri Prospect. Swift Energy New Zealand Ltd., as operator, 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. (ASX: BLO), each hold a 5% interest. Terry Swift, President of Swift Energy Company, noted that, “The logging results from the Rimu-A2 confirm our interpretation of the Tariki sandstone deposition and further increase our confidence that Rimu is a very meaningful discovery. These results, along with the recording of substantial reserves as of year-end 2000, validate New Zealand as a new core area for the Company. We are extremely pleased with the results to date and look forward to the evaluation of the Rimu-Kauri exploratory test as a potential world class prospect.” 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 as well as onshore oil and natural gas reserves in New Zealand. 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 08:19:16 AM. Copyright © 1994-2008 by Swift Energy Company. |
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