From EWVANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 2017) - East West Petroleum Corp. (TSX VENTURE:EW) ("East West" or the "Company") Mr. David Sidoo, President and CEO, reports that drilling operations have commenced on the E8 well, the first well in its 2017 exploration and development program in the Taranaki Basin of New Zealand.
The Company's joint venture partner and operator, TAG Oil Ltd. ("TAG"), commenced drilling operations at the Cheal-E8 exploration well (30% EW) on the Cheal East Permit (PEP 54877) on April 24, 2017. The well will be drilling from the Cheal E pad and is targeting the Urenui formation as the primary objective, with the Mt. Messenger formation as the secondary target. Drilling is expected to take 20 days to reach a planned total depth of 2,100 meters with an estimated gross well cost of NZ$3.5 million.
Said Mr. David Sidoo, President & CEO, "We are pleased to commence the 2017 exploration program. Currently the Company's oil and gas production is coming from the Cheal East permit and the new drilling and the water flood project should result in increased production volumes for the Company."
Following E8, the next well to be drilled in the Cheal East permit will be the Cheal-D1 exploration well targeting an undrilled oil pool in the northern part of PEP 54877. The D1 well will be drilled from a new well pad which is currently under construction, with rig-move and well spud scheduled for July 2017.