East West Quarterly Update + New Fund Holding A PositionEast West financial results came out recently and the company still has $5 million cash in it’s treasury, with Total assets of $5.8m CAD & Liabilities of $1.16m CAD.
Oil production in New Zealand is stable, showing $600K in revenue for the quarter with a $76,000 comprehensive income.
The major catalyst seen in their MD&A is a sale for their Romanian assets could come in Q4 2023. Keeping in mind that NIS had estimated spending at least $60 million USD on this project, so an asset sale would generate a large portion of cash back to East West.
On Page 3 of the Q1 2023 MD&A: The Company and its legal counsel continue to work on the final documentation including possible amendments which would allow closing to occur. In addition the Company has recently been advised by NIS that it is considering a sale of the remaining exploration blocks and the Company has agreed that its 15% interest can be included in such efforts. While the sale process is advancing there is no guarantee that terms will be settled. The Company expects an update in the fourth quarter of calendar 2023.
Additionally, it looks as if a fund has acquired a position in East West (see page 14 of the presentation):
https://www.mineralandfinancial.com/wp-content/uploads/2023/08/MFI-Investor-Presentation-Aug-2023-v-2.0.pdf