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Swift Energy engages advisor for possible sale of NZ assets
27 June 2007 - Houston-based Swift Energy Company has announced it has retained global oil industry mergers and acquisitions specialist Scotia Waterous (USA) Inc as an advisor for the potential sale of some or all of its New Zealand assets owned and operated by Swift Energy New Zealand Ltd.
Swift Energy said that following a review of alternatives for its New Zealand operations, the company would carry out what was in its best interest, including an outright sale or merger of some or all of the Swift Energy New Zealand's properties and facilities, entry into joint ventures or the reshaping of long-term operational strategy in the country.
Swift Energy’s assets consist primarily of two onshore Taranaki producing areas at Rimu/Kauri and TAWN.
The audited proved reserves estimates at year end 2006 totaled 106 billion cubic feet equivalent (bcfe) and 2006 production totaled 13.5 bcfe. Swift Energy also maintains and operates two natural gas processing plants, an oil processing plant and oil and natural gas pipelines.
Swift Energy New Zealand is also operator of two offshore exploration areas PEP 38 443 and PEP 38 495 which both lie south of the Rimu and Kauri fields. These are held in a 50-50 joint venture with energy company Mighty River Power.
Source: Swift Energy
