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Gold/Mining/Energy : Swift Energy (SFY) -- Ignore unavailable to you. Want to Upgrade?

To: PuddleGlum who wrote (895)	10/4/1999 8:17:00 AM
From: Taylor Mill	Read Replies (1) \| Respond to of 1602

Swift Energy to Production Test New Zealand Wildcat Well HOUSTON, Oct. 4 /PRNewswire/ -- Swift Energy Company (NYSE: SFY; PCX) reported today that its New Zealand subsidiary, Swift Energy New Zealand Ltd., has completed the drilling phase of the Rimu-A1 well in the onshore Taranaki Basin in New Zealand, of which it is operator. The Rimu-A1 well, a rank wildcat exploration well, reached a planned total depth of 5027 meters (16,493 feet) where preparations are underway to set production casing and begin further testing. While drilling, hydrocarbon shows were encountered in the sandstones of the Tariki section at approximately 3596 meters and 4111 meters and in the Rimu Limestone at approximately 4210 meters. Based on the petrophysical evaluation of the well bore, which included an extensive set of open hole logs and sidewall core data, Swift Energy and its partners have decided to further evaluate the well through production tests. Swift anticipates testing to be completed during the fourth quarter of 1999, which will enable the owners to appraise future exploration and development activity in the permit area. Swift Energy New Zealand Ltd. holds a 90% interest in Petroleum Exploration Permit 38719, while Calgary-based Antrim Oil and Gas Ltd., a wholly owned subsidiary of Antrim Energy, Inc., and Marabella Enterprises Ltd., a wholly owned subsidiary of Brisbane-based Bligh Oil and Minerals Ltd., each hold a 5% interest. The drilling of the Rimu-A1 well is in accordance with the conditions set forth by the New Zealand Government under PEP 38719 awarded to Swift in August 1996.