New Zealand Accounts for 30% of Swift's Total Production

Swift Energy reports that New Zealand accounted for 30% of total production, up from 21% in the first quarter. The marked increase was primarily due to the recent commissioning of the onshore Rimu production, as well as Swift Energy New Zealand’s purchase of the Tariki, Ahuroa, Waihapa and Ngaere (Tawn) fields from Shell New Zealand last January.

Total American and New Zealand production increased by 13% for the second 2002 quarter to 12.7 billion cubic feet equivalent (bcfe), compared to 11.3 bcfe for the second quarter of 2001.

Company president and chief executive Terry Swift said the Tawn assets had continued to perform at or above expectations. Swift Energy New Zealand had also started several production improvement operations on the Tawn properties, including well recompletions, with positive increased oil flows.

Production from the Tawn fields averaged approximately 40 mmscfe/d during the second quarter of 2002, which was higher than anticipated because of higher levels of demand. However, Swift Energy expected daily production to average only about 35 mmscfe/d for the rest of the year, primarily because of increased availability of hydro-electricity, with the associated drop in demand for power from gas-fired stations.

During the second 2002 quarter the Rimu production station, in the Rimu mining permit PMP 38151, was averaging approximately 1011 barrels of oil equivalent per day (687 barrels of crude oil plus natural gas liquids), and 1.9 mmscf of natural gas.