Swift Energy today announced total second quarter production of 14.2 billion cubic feet equivalent (bcfe), a slight decrease from the 14.3 bcfe of the first quarter of 2004. The latest New Zealand production, of approximately 4.0 bcfe, was a 3% increase on the 3.9 bcfe recorded earlier in 2004; while domestic production declined from 10.4 to 10.2 bcfe.

Swift Energy also announced an increased 2004 budget, by approximately 20% to US$160-$175 million, which company president Terry Swift said would enable more seismic and two additional exploration wells to be drilled in the US and two more development wells in onshore Taranaki.

While an exploratory well targeting the shallow Manutahi sands to the south of Swift’s acreage had been unsuccessful, all five wells drilled further north had now been brought into production. The Kauri-E5 well, the first of two more wells in the area targeting both the Kauri and deeper Tariki sands, was presently drilling ahead and should reach target depth later this quarter. Kauri-E6 was expected to follow Kauri-E5.