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East West Petroleum Corp V.EW

Alternate Symbol(s):  EWPMF

East West Petroleum Corp. is a Canadian exploration and production company. The Company is pursuing conventional exploration and development oil and gas opportunities around the globe. In Romania, the Company has exploration rights in two exploration concessions, including EX-7 and EX-8.


TSXV:EW - Post by User

Bullboard Posts
Post by Jman1076on Sep 26, 2017 2:11pm
182 Views
Post# 26743615

Change in NIS Report was Picked-up by Value Digger

Change in NIS Report was Picked-up by Value DiggerAs you know, we initially recommended East West Petroleum (EW.V, EWPMF) at C$0.125 (Toronto) in May 2017 and the recommended maximum buy price was C$0.13 (Toronto), as shown in the PP#79 here. East West Petroleum was one of our two picks from the "Pair Trade" as of May 2017. Our second pick was Corridor Resources (CDH.T, CDDRF) and we recently closed our position with a 20% return in 3 months or a 80% return on an annualized basis, as shown in the MP#93 here. Also, after reading East West's latest news from Romania here, we noted a few days ago that: "Although the commercial viability of the first well in Romania has not been determined yet and the press release isn't detailed, we remain optimistic and we consider the news to be promising. After all, we don't change our maximum recommended buy price of C$0.13 (Toronto) and the stock remains actionable given that it closed yesterday at C$0.125 on the Toronto board." For more details, please check MP#97 here. EW.V closed at C$0.14 yesterday on the Toronto board. Therefore, this is another pick that entered "the paper profits" category and isn't currently actionable. Meanwhile, EW's partner in Romania is NIS, a Gazprom's subsidiary, and we have been checking NIS' press releases over the last months trying to unearth additional news associated with Romania, as shown at the corporate website here. And when it comes to NIS' developments in Romania, we noticed a key change a couple of days ago. Specifically, this is the latest excerpt from NIS' presentation of business performance for the six months of 2017, as shown here: "We finished drilling Teremia-1000 well in Romania, on Ex-7 Block. Testing is in progress." However, the original excerpt was this one below, as shown here: "We finished drilling Teremia-1000 well in Romania, on Ex-7 Block. Testing is in progress. What is very interesting to mention here - we have obtained quite good results. As I said last time, we projected four horizons there, exploration horizons - whether oil or gas. Basically, we anticipated both of them. In the course of drilling, we identified eight such horizons and now we have gradually started testing one by one. The first two horizons gave excellent results. The well now produces 30 to 50 tons per day. By end September, we are due to finish testing of the remaining five horizons and we will probably find gas there as well. Actually, at this moment, we don't have a depot for this oil there and, in order not to stop exploration, we are transporting oil to Serbia, to our Gathering Station. This is an excellent result for this Block in Romania and represents a great progress of the entire project." This key change supports our continued bullish approach on EW.V and we also believe that this must be the reason why EW.V hit C$0.14 on the Toronto board yesterday (09/25/2017). After all, we look forward to reading more news from EW.V in the coming weeks/months with regard to the commercial viability of the first well in Romania.
Bullboard Posts