It today announced net quarterly income of US$14.1 million, compared to the US$7.1 million, for the third quarter of 2003. Production increased 2% to 13.9 billion cubic feet equivalent (bcfe) on a year ago but that was down 2% on the second 2004 quarter figure of 14.3 bcfe.
New Zealand accounted for 27% of total production with 3.8 Bcfe, which was a 23% decrease from the 4.9 Bcfe produced in the third 2003 quarter of 2003 and a 7% decrease from second quarter 2004.
New Zealand gas prices continue to edge towards the US$3 level predicted by Royal Dutch Shell executives at the 2002 New Zealand Petroleum Conference, with Swift saying its average third quarter gas price was US$2.21 per Mcf under its long-term contracts, an 18% increase over the US$1.87 of a year ago.
The sales price of the company’s McKee blend crude oil averaged US$47.75 per barrel, a 66% increase over prices for the same period in 2003, and the NGL contracts yielded an average price of US$18.63 per barrel for the third quarter of 2004.
In the last six weeks the Tariki-D1 well had been drilled, had encountered the targeted Oligocene-aged Tariki sands, and was being completed as a producer. The Parker Drilling Rig 252 is to then move back to the more southern Rimu-Kauri area to drill an additional Kauri sand well.
Tariki-D1 is the company’s first major appraisal effort in its onshore Taranaki Tawn licences for several years and may mean more uncommitted gas for Swift to market.
