Swift Energy to participate in New Zealand permits

A Swift Energy subsidiary has entered agreements with subsidiaries of Fletcher Challenge Energy to earn a 20% participating interest in properties in New Zealand's Taranaki basin. Swift will earn a 20% interest in PEP 38718, which covers 57,401 acres, and a 25% participating interest in PEP 38730 covering 48,929 acres.


Swift Energy New Zealand Ltd., a subsidiary of Houston-based Swift Energy Co., has entered into agreements with subsidiaries of Fletcher Challenge Energy Ltd. (FCE) to earn participating interests in properties in New Zealand's Taranaki basin.

Swift will earn a 20% interest in PEP 38718, which covers 57,401 acres, and a 25% participating interest in PEP 38730, covering 48,929 acres.

As operator, FCE will begin drilling activity on the Tuihu prospect located in the northern portion of PEP 38718 this week (OGJ Online, Oct. 20, 2000). The well is expected to be completed in 45-60 days.

Swift also announced that the second delineation well at its Rimu discovery in the Taranaki basin, the Rimu-B2, spudded Oct. 24, will take 45-60 days to complete. The Rimu-B2 well is the third well to be drilled by the company in the Rimu area.

Swift Energy New Zealand Ltd. holds a 90% interest in this permit (PEP 38719), which covers 100,652 net acres both onshore and offshore on the western coast of the northern island of New Zealand.

It also holds a 7.5% interest in the Huinga prospect (PEP 38716), which is located immediately south of the two additional permits.

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. Swift said these areas 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.

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