Ew updatePleased to see the improved disclosure
From today’s release from the company
The Company continues to work to finalize the sale of its 30% holding in the Cheal permits. A special meeting of shareholders to approve the sale will take place on August 7, 2019. TAG Oil Ltd. ("TAG") is the owner of the 70% interest in the Cheal permits. TAG Oil Ltd. has agreed to sell 100% of its New Zealand assets including the Cheal permits. Closing of this sale is expected to close shortly.
Romania
The Company's joint venture partner and operator, Naftna Industrija Srbije ("NIS"), has provided the following operational update for Romania.
The operator, NIS, has proposed and is actively progressing with comprehensive exploration programs in the EX2, EX3, EX7 and EX8 exploration blocks in Romania. It should be noted that all activities are dependent on securing the necessary government and local approvals.
On block EX-3, processing of the data acquired last year on 223 km2 3D seismic program has been finished. Interpretation of data is ongoing and results are expected in 4Q2019.
On block Ex-2, acquisition program of 3D seismic in the amount of 170 Km2 is about to commence in 3Q2019. Significant progress in permitting has been achieved.
On block EX-7, the preparatory activities for experimental production on Ter-1000 are about to be finalized, and the start is planned for the end of 3Q2019. The initial testing program on appraisal well Ter-1001 was finished, and further testing is planned for this year. Results will be announced when received.
On block EX-8, drilling on Bvs-1000 was finished in March this year, and preparation for testing is ongoing, with a plan to start in 4Q2019. The well encountered a high pressure-high temperature zone, which requires special equipment and additional time to contract it.
By the end of this year, two more wells are to be drilled, one more appraisal well Ter-1002 in EX-8 in 4Q 2019, and another exploration well in the same block, which will be spud in August 2019.
NIS Petrol is committed to fulfilling the work program under the licence obligations as soon as practical, considering certain legislative changes.
NIS will be funding 100% of the costs and fully carrying East West through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence.