1) Rimu producing about 1000 bopd from one Rimu well only plus gas. They expect to bring other Rimu wells on stream by end of year.
2) They will be drilling a deep well on Kauri starting June targeting Kauri, Tariki and less importantly Kapuni. This well will be up dip from the first Kauri well
SWIFT ENERGY COMPANY N E W S FOR IMMEDIATE RELEASE COMPANY CONTACT Bruce H. Vincent Executive Vice President (281) 874-2700, (800) 777-2412 SWIFT ENERGY UPDATES OPERATIONAL ACTIVITY, EXPANDS GUIDANCE AND HOLDS ANNUAL MEETING HOUSTON, May 14, 2002 -- Swift Energy Company The Company also reported that initial natural gas sales are expected to begin next week from the Rimu Production Station (“RPS”) in New Zealand. The commissioning process for the RPS is almost complete. Current production levels, with only the Rimu-A1 well on production, are averaging approximately 900 to 1,000 barrels of oil and 2 to 3 million cubic feet of natural gas per day. These volumes are expected to increase throughout the year as additional wells are brought on production. Initial sales of natural gas liquids, which are being processed at the RPS, are expected to take place in June. Additional drilling activity in New Zealand is planned to begin in early June with the spud of the Kauri-A4. The primary target horizons of this well will be the Kauri and Lower Tariki sands with a secondary objective of the Kapuni group sands at deeper intervals. Drilling is expected to take up to 90 days, and the rig will then move to Rimu where it will drill an additional development well targeting the Upper Tariki sands. Terry Swift, President and Chief Executive Officer noted that, liquids at our Rimu Production Station, which paves the way forward for increased oil and gas production volumes from New Zealand. Additionally, the Kauri deep exploration well, which --more-- SWIFT/2 --more-- begins drilling this quarter, will test for the presence of reservoir quality Kauri, Tariki, and Kapuni sands on a significant structural high. The Kauri exploratory test is a world class prospect.”
