Swift today said its board of directors had authorised the increased budget, from $US130 million to approximately $US150 million, some of which would be earmarked for its successful Rimu-Kauri development program, as well as some further exploitation at the Tariki, Ahuroa, Waihapa and Ngaere (Tawn) fields further north

Swift also released further details about some of its Kauri wells, in southern onshore Taranaki licence PEP 38719, including that the Kauri-A4 well, should be tied in to the nearby Rimu production station, in the Rimu mining licence PMP 38151, within the month.

It said Kauri-E1, which had been drilled to approximately 2668m true vertical depth but deviated, had encountered about 58m of net pay and that the Kauri sands were encountered about 22m updip from those encountered at the Kauri-A4 well.

Pipe had been successfully set in the Kauri-E1 well and that well was being prepared for completion to produce into the Rimu production station. The Kauri-E2 well, which was also scheduled to target the Kauri sands, found at depths of around 2600-3150m over much of south onshore Taranaki, would spud immediately after Kauri-E1.

As reported yesterday, a fracture stimulation program was planned to improve production from the Rimu-Kauri area after the completion of the two Kauri wells.

It is known Swift Energy is just as keen as other players to make further significant discoveries to alleviate New Zealand's looming energy crisis in the face of the dwindling offshore Maui gas field. Its active exploration program, targeting fresh plays in existing structures and new prospects such as Matai and Tawa, is expected to continue for at least the next three years.