Bligh sells off Rimu and Kauri

  1. 1,058 Posts.
    Bligh has sold off its interest in Rimu and Kauri to Swift Energy.

    Bligh receives 300,000 shares in Swift Energy worth about
    $US 14 each

    $US 2,750,000

    Total value $7,000,000 US

    I have not a clue as to whether this is a good deal

    SWIFT ENERGY COMPANY
    N E W S
    FOR IMMEDIATE RELEASE
    COMPANY CONTACT
    Bruce H. Vincent
    Executive Vice President
    (281) 874-2700, (800) 777-2412
    SWIFT ENERGY TO BUY OUT LAST THIRD PARTY OWNER IN RIMU/KAURI AND TAWN PERMITS IN NEW ZEALAND
    HOUSTON, August 30, 2002 -- Swift Energy Company (NYSE, PCX: SFY) announced today that Swift Energy New Zealand Limited (“SENZ”) signed a definitive agreement with two subsidiaries of Bligh Oil & Minerals N. L. (ASE: BLO) to acquire all of Bligh’s interests in the SENZ operated Rimu/Kauri permits and TAWN permits and facilities in New Zealand. Upon closing of this transaction, SENZ will own 100% of the Rimu/Kauri exploration and mining permits and 100% of the TAWN mining licenses, increasing its interest from its current 95% in the Rimu/Kauri license area and 96.76% in the TAWN license areas. The purchase price consists of 300,000 shares of Swift Energy Company common stock and cash of approximately $2,750,000, subject to effective date adjustments. Closing is expected to take place within the next six weeks, dependent upon regulatory clearance in New Zealand and normal closing conditions.
    SENZ has agreed to acquire the 5% interest held by Bligh’s subsidiary, Marabella Enterprises Limited, in the Swift-operated petroleum exploration permit 38719 along with the 5% interest in the Rimu petroleum mining permit 38151, where the Rimu and Kauri discoveries are located. Additionally, SENZ agreed to acquire the 3.24% interest held by Bligh’s subsidiary, Bligh Oil & Minerals (NZ) Limited, in the four TAWN petroleum mining licenses (“PML”), which consist of the Tariki Field (PML#38138), Auhora Field (PML#38139), Waihapa Field (PML#38140) and Ngaere Field (PML#38141), plus their respective interests in two processing plants and associated pipelines in which SENZ already has a majority interest.
    Terry Swift, President and CEO of Swift Energy noted, “We are particularly pleased that we have been able to consolidate all of the interests in both the Rimu/Kauri area and the TAWN fields. Our long term view is that the fields and infrastructure at Rimu/Kauri and TAWN are integrally connected, and this consolidated position will allow us to more effectively develop these areas as well as market a portion of the New Zealand interests to appropriate partners.”
    Swift Energy Company engages in developing, exploring, acquiring, and operating oil and gas properties, with a focus on onshore oil and natural gas reserves in Texas and Louisiana and onshore oil and natural gas reserves in New Zealand. Founded in 1979 with headquarters in Houston, Texas, the Company has consistently grown its proved oil and gas reserves, production, and cash flow through a disciplined program of acquisitions and drilling, while maintaining a strong financial position.
    --more--
    SWIFT/2 16825 Northchase Dr., Suite 400, Houston TX 77060 www.swiftenergy.com This material includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company's business are set forth in the filings of the Company with the Securities and Exchange Commission.
 
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