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Gold/Mining/Energy : Swift Energy (SFY)

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To: Robert T. Quasius who wrote (1564)	12/4/2001 8:23:47 PM
From: The Ox	of 1602

Maui gas field may be depleted earlier by: OilOnline Tuesday, December 04, 2001 There is a possibility of a shortfall in gas supply from New Zealand's offshore Maui gas field, according to Maui Development Ltd. Company Chairman Lloyd Taylor said that as a result of studies nearing completion, the Maui gas field could be depleted around mid-2007 rather than the previously expected mid-2009, though this would depend on the rate of gas off-take. This means Maui Development may not be able to supply all the gas anticipated at the time the gas contract was signed in 1973. The original contract was to supply the Crown with 4,085 petajoules of gas over a 30-year period from 1979 to 2009. Taylor said his company's new assessment is that developed and readily accessed undeveloped reserves in the field are likely to be around 3,800 petajoules. Maui Development plans further technical studies to quantify the scope for additional gas recovery and preparations to advance in-field work aiming to improve economic recovery of remaining gas in the field. Maui Development expects the feasibility of some of these initiatives to be clearer by March 2002.

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