Here's some more good news about NZ for us:
Swift Energy Updates New Zealand Activity
HOUSTON, April 23 /PRNewswire/ -- Swift Energy Company (NYSE: SFY; PCX) reported today that it has successfully logged the Upper Tariki sandstone and the Upper Rimu limestone in the Rimu-A3 well, and that production casing has been set and a completion rig will be moved on in the next few weeks. This is the fifth well drilled by the Company in the Rimu area of the New Zealand Taranaki Basin that has encountered multiple, hydrocarbon-bearing horizons.
The Rimu-A3 well has been successfully logged to a total depth of 12,041 feet (3,671 meters) and confirms the presence of an Upper Tariki section of high quality reservoir rock from 11,362 feet (3,464 meters) to 11,496 feet (3,505 meters). Open-hole wireline measurements of resistivity, sonic, density and neutron porosity indicate effective porosities ranging from 12% to 20%. Based upon this petrophysical analysis, this Upper Tariki section has approximately 73 feet (22.4 meters) of net hydrocarbon thickness with an average porosity of 15.4%. This section is approximately 141 feet (43 meters) high structurally to the Upper Tariki section in the Rimu-A1 well that tested, as previously announced, at rates up to 1,525 barrels of oil per day and 4.8 million cubic feet of natural gas per day.
Logging results also confirmed the presence of 68 feet (21 meters) of Upper Rimu limestone from 11,628 feet (3,545 meters) to 11,696 feet (3,566 meters). In addition to the Upper Tariki sandstone and Upper Rimu limestone, other potential horizons were identified at shallower depths where hydrocarbon shows had been experienced. Original plans called for this well to be drilled to a total depth of 15,744 feet (4,800 meters), but due to mechanical difficulties, efforts to evaluate the deeper targets below have been suspended.
The drilling rig will be moved from the Rimu-A pad to the initial Kauri location to commence evaluation of the Kauri Prospect. The Kauri-A1 exploratory well is expected to spud during the first week in May. It is anticipated that this well will take approximately 60 days to be drilled to a total depth of 14,760 feet (4,500 meters). The Kauri-A1 will evaluate potential targets in the Upper Tariki sandstone, Upper Rimu limestone, Maitai metasediments, Lower Tariki sandstone, Lower Rimu limestone and certain Cretaceous intervals. A completion/workover rig will be moved onto the Rimu-A pad to prepare the Rimu-A1 well for production and begin completion operations on the Rimu-A2 and Rimu-A3 wells.
Swift Energy New Zealand Ltd., as operator, holds a 90% interest in the permit on which this well was drilled, which covers 100,652 net acres extending both onshore and offshore on the western coast of the northern island of New Zealand. Antrim Oil & Gas, Ltd., a wholly owned subsidiary of Calgary-based Antrim Energy, Inc. (CDNX: AEN - news), and Marabella Enterprises Ltd., a subsidiary of Brisbane-based Bligh Oil and Minerals Ltd. (Australia: BLO), each hold a 5% interest.
Terry Swift, President of Swift Energy Company, noted that, ``We continue to be pleased with the results of our drilling activity in New Zealand. This is the fifth well we have drilled with all five encountering multiple, hydrocarbon-bearing horizons. We have three successful completions with the other two yet to be tested but with two zones behind pipe in each well. We fully expect the completion operations in Rimu-A2 and Rimu-A3 to be successful. Now, we are ready to evaluate the Kauri structure to better determine the complete scope of this discovery.'' |
