Swift Energy awarded development permit for New Zealand finds

By OGJ editors
HOUSTON, May 3 -- Swift Energy New Zealand Ltd., a subsidiary of Swift Energy Co., Houston, has been awarded Petroleum Mining Permit (PMP) 38155 by Crown Minerals of the New Zealand Ministry for Economic Development for the development of its Kauri Sand gas-condensate and Manutahi Sand oil discoveries.

The 8,708-acre PMP is in Petroleum Exploration Permit (PEP) 38719 in the Taranaki basin on New Zealand's north island. It has a primary term of 30 years.

Swift Energy plans to place two additional multiwell drilling pads, in addition to the existing A and E pads, on the permit for full development of Kauri Sand. And, more wells are needed to exploit the Manutahi Sand.

Swift expects to drill the remaining scheduled Kauri A and E wells, and the Manutahi A-L series of wells by March 2006. Then it will drill ten more wells, per the Crown Mineral's permit, by July 2008, raising the total well count to 32.

Kauri gas production will be processed at Swift's Rimu production station, while oil production from the Manutahi Sand will initially be trucked to the company's Waihapa production station.

Swift will continue the delineation of the Rimu/Kauri area. It plans to drill additional exploration wells later this year in the PEP 38719 area, such as the Tawa prospect in the Tarata Thrust exploration program.

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