Swift Energy Says Piakau Discovery Well Undergoing Long Term Production

Swift Energy Company says that the Piakau North A-1 well is undergoing a long term production test in New Zealand. The Piakau North A-1 well (100% working interest) tested at rates up to 7 million cubic feet per day with 400 barrels of condensate per day on a 28/64-inch choke and flowing tubing pressure of 1,420 psi and contained approximately 13% carbon dioxide (CO2). The well is currently producing at this rate and is being blended with other natural gas production from the TAWN area to provide pipeline specification quality natural gas to the purchaser. Test rates of this well were limited to these volumes to meet the pipeline specification requirements for natural gas. Plans are underway to determine the modifications necessary at the TAWN processing facilities to process greater amounts of this gas so that it can meet specifications of the natural gas pipelines in the Taranaki region. The first delineation well targeting the same Eocene aged sand, the Piakau North A-2 (100% working interest), is currently drilling and is expected to reach total depth during the third quarter 2005. Following the Piakau North A-2 well, the rig will then proceed to the Auhora South well (100% working interest) to further delineate the structure of this Eocene aged sand.

As reported previously, Swift Energy successfully drilled the Piakau North A-1 well in the TAWN area to a total vertical depth of 9,623 feet in the third quarter of 2005 and analysis indicates that 72 feet of net pay were encountered in an Eocene aged sand. The Piakau North A-1 well is an additional 2005 exploration well, which was moved forward into the 2005 drilling schedule due to increased capital availability in the Swift Energy New Zealand budget.