Swift Energy Completes Acquisition New Zealand Acreage
Swift Energy has completed the acquisition of the interests owned by Bligh Oil & Minerals in the SENZ operated Rimu/Kauri and TAWN permits and facilities in New Zealand. With the closing of this transaction, SENZ owns 100% of the Rimu/Kauri exploration and mining permits and 100% of the TAWN mining licenses, prior to this transaction the company owned 95% in the Rimu/Kauri license area and 96.76% in the TAWN license areas. SENZ now also owns 100% of all the facilities associated with these permits. The purchase price consists of 300,000 shares of Swift Energy Company common stock and cash of approximately $2.66 million.
SENZ acquired the 5% interest held by Bligh's subsidiary, Marabella Enterprises Limited, in the Swift-operated petroleum exploration permit 38719 along with the 5% interest in the Rimu petroleum mining permit 38151, where the Rimu and Kauri discoveries are located. Additionally, SENZ also acquired the 3.24% interest held by Bligh's subsidiary, Bligh Oil & Minerals (NZ) Limited, in the four TAWN petroleum mining licenses ("PML"), which consist of the Tariki Field (PML#38138), Auhora Field (PML#38139), Waihapa Field (PML#38140) and Ngaere Field (PML#38141), plus their respective interests in two processing plants and associated pipelines in which SENZ already has a majority interest.
Terry Swift, President and CEO of Swift Energy noted, "This transaction allows us to take another step in developing a significant presence in New Zealand. We have now established a solid production base with significant infrastructure along the eastern portion of the Taranaki basin and are positioned in some of the most promising exploration acreage in New Zealand. Ownership of 100% of these assets will allow us to ultimately connect our two core areas of TAWN and Rimu/Kauri in such a way as to provide future tangible benefits to our position in New Zealand."