Swift Energy Prepares for Hurricane Ivan
|Tuesday, September 14, 2004
Swift Energy has begun its standard hurricane shut-down procedures in its Lake Washington Field in Louisiana in response to potential worsening weather conditions from approaching Hurricane Ivan. The decision was made to protect personnel and contractors in the field. One drilling rig and one completion rig with associated work barges are being moved to protected waters. Production from the field is being shut-in. All employee and contract personnel will be evacuated from the field as conditions warrant.
In mid-August, Swift Energy had shut-in production for several days at Lake Washington based on the earlier threat from Tropical Storm Bonnie. Operations were resumed as soon as the storm had passed. The result of this shut-in period reduced production approximately 0.2 Billion cubic feet equivalent ("Bcfe").
Unrelated to the weather, the amine plant on the caseload platform, which was undergoing repairs in July, had returned to service in early August. Net production from the Lake Washington Field averaged approximately 11,600 barrels of oil equivalent per day ("Boe/d") over the past 30 days, which is on track to reach the Company's stated year-end exit-rate goal of 12,000 Boe/d. The completion rig, which has been in the field, has five additional wells to complete upon its return to the field.
Swift Energy recently completed the data acquisition phase associated with its three-dimensional ("3-D") seismic project in the Lake Washington area and is reviewing the preliminary data. Technical personnel have advised the Company that the quality of the data is excellent. The initial reprocessing for this data acquisition is expected late in the fourth quarter. The information obtained from this 3-D data acquisition will be used in Swift's 2005 drilling campaign and thereafter. Additionally, Swift Energy recently purchased approximately 550 square miles of seismic data to the west of Lake Washington, which will be merged and fully integrated into Swift's proprietary seismic data. Completion of the data acquisition in the field will facilitate the reintroduction of a second drilling rig. The second drilling rig has been contracted and will be brought into this field in October to drill intermediate depth targets.