Swift Energy Enters JV for Permit 38495 in New Zealand
Swift Energy, in conjunction with Mighty River Power Limited, a state-owned New Zealand utility, that its wholly owned subsidiary, Swift Energy New Zealand Limited ("SENZ"), has entered into a farm-out agreement with Mighty River Power for a 50% participating interest in a joint geologic study in SENZ's new offshore permit, Petroleum Exploration Permit ("PEP") 38495. After analyzing current geologic and geophysical data relating to the offshore permit, the joint venture provides for the acquisition of additional three-dimensional seismic data in the area. SENZ will continue as the operator of the permit.
Terry Swift, CEO of Swift Energy, commented, "The strategic partnership with Mighty River Power provides for further expansion of our activities in New Zealand. Our oil and gas professionals will utilize current exploration technologies to identify and evaluate the potential of this permit. It is our hope that this joint venture will develop additional meaningful exploration targets in New Zealand's most prolific oil and gas basin."
Dr. Doug Heffernan, CEO of Mighty River Power, noted, "Mighty
River Power is pleased to further progress its excellent relationship
with Swift Energy and add this permit to the portfolio of
opportunities it is pursuing to advance the range of potential fuel
options available to the company."