"We have just spudded the Kauri-E3 well, which is targeting the Kauri sands. The well should take approximately 30 to 40 days to drill and, assuming it finds the targeted sands, it will need to be completed and then fracced at a later date," company executive vice-president (corporate development) Bruce Vincent told EnergyReview.Net today from Houston.
Kauri-E3 is the latest in a series of wells to be drilled, completed and fracture stimulated during the last few months, with the Kauri-E1, E2 and A4 wells producing from the shallow Kauri sand into the nearby Rimu production station.
Vincent has already said Swift Energy plans more drilling in the Kauri field from next year, targeting the Kauri and shallow Manutahi formations; with significant reserves upgrades possible in the Rimu, Kauri, Tawa, Matai prospects, as well as deep-gas potential at the more northern onshore Taranaki field of Waihapa.
Swift Energy New Zealand's average gas price has climbed for almost two years now, with the third 2003 quarter price being $US1.87 per mcf. Kiwi wholesale gas prices are expected to continue to climb towards the $US3-4 level.
