Swift Energy Co., Houston, is moving to delineate and develop a possibly giant discovery in New Zealand's Taranaki basin.
Swift has started acquiring more seismic data on PEP 38719 and engineering production facilities, ordered pipe for three wells, and lined up a rig to resume drilling this July.
The company will first appraise its Rimu-A1 oil discovery and later evaluate the Kauri and Tawa prospects on the 356-sq-km block. The Kauri structure is partly offshore.
The company lists reserve potential of 20-100 million boe at Rimu currently, 200-500 million boe at Kauri, and 100-300 million boe at Tawa.
New Zealand produces about 45,000 b/d of condensate and crude, and press reports credit Swift with indicating that Rimu along might yield as much as 20,000 b/d after start-up. Production is to start in 2001.
Rimu might surpass McKee, New Zealand's largest oil field with ultimate recovery of about 44 million bbl. Rimu-A1 was the first well for Swift in New Zealand, where it set up shop in 1995.
Work plan, reservoir
Swift at mid-year will complete processing of 132.5 km of land and marine 2D seismic data designed to fully identify the extent of the Kauri prospect adjacent to Rimu.
The company could spud the first Kauri wildcat by yearend and plans to drill Tawa in late 2001-early 2002.
Rimu-A1, near Hawera, went to TD 16,493 ft. It cut hydrocarbon shows at 11,795 ft and 13,484 ft in Oligocene Tariki sandstone and at 13,809 ft in Rimu limestone.
The well flowed 1,525 b/d of 44°- gravity oil and 4.8 MMcfd of gas from Upper Tariki at 11,831-962 ft. A 10-day pressure drawdown and build-up test of Upper Tariki in December indicated that the oil reservoir has initial reservoir pressure of 5,223 psi and bubble point calculated at 4,665 psi.
Interests in the permit are Swift 90% and units of Antrim Energy Inc., Calgary, and Bligh Oil & Minerals Ltd., Brisbane, 5% each.
