Post by
Roddiggiti on Feb 24, 2023 11:43am
EW Q3 Results Out. NIS Looking To Sell Romanian Asset
Quarterly results came out today for East West. The company still has over $5 million CAD in cash with total assets at $5.69 million and total liabilities at $1.32 million.
Revenue was down for the quarter due to some wells being worked over, which means we should get a bounce back next quarter. But the key thing that changed in their MD&A that caught my eye was this:
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 four exploration blocks and the Company has agreed that its 15% interest can be included in such efforts. Any such endeavors are not expected to be advanced in the near term.
Selling the Romanian asset is a much better outcome for NIS and EW, rather than putting it into production and slowly getting paid out. We know that NIS has invested over $60 million USD in this asset over the last decade, with East West putting nothing into it, but still retaining a 15% stake.