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East West Petroleum Corp V.EW

Alternate Symbol(s):  EWPMF

East West Petroleum Corp. is a Canada-based junior oil and gas company. The Company is engaged in the exploration, development and production from certain of its oil and gas properties. Its portfolio consists of interests in exploration concessions in New Zealand and Romania and producing properties in the Taranaki Basin, New Zealand. In New Zealand, it holds a 30% working interest in the Petroleum Exploration Permit (PEP) 54877 and the Petroleum Mining Permit PMP 60291 (Cheal East). PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells. The oil and gas production comes from over five wells on the Cheal-E site, the Cheal-E1, E2, E5, E6 and E8 wells. It also has interests in over four blocks, Tria (EX-2), Balle Felix (EX-3), Periam (EX-7) and Biled (EX-8), which covers a total of approximately 4,079 square kilometers (1,007,500 acres) and are located in western Romania on the eastern margin of the producing Pannonian Basin.


TSXV:EW - Post by User

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Post by lageorgeson Nov 27, 2019 8:37am
152 Views
Post# 30397189

News release this morning

News release this morning

Hi all here's the latest from the company on both NZ and Romania

https://web.tmxmoney.com/article.php?newsid=8368383521856542&qm_symbol=EW


 

East West Petroleum Announces Operational Updates

Vancouver, British Columbia--(Newsfile Corp. - November 27, 2019) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide an update on operations.

Romania

The Company's joint venture partner and operator, Naftna Industrija Srbije ("NIS"), has provided the following information. 

The operator, NIS, is actively progressing with comprehensive exploration programs in the EX2, EX3, EX7 and EX8 exploration blocks. It should be noted that all activities are dependent on securing the necessary government and local approvals.

Block EX-2; the 3D seismic acquisition program of 170 Km2was completed in 3Q2019 and processing is underway. The Phase 1 Exploration Period was extended for another two years and now ends in December 2021.

Block EX-3; processing of the 223 km2 of 3D seismic data acquired in 2018 has been finished and interpretation is underway. Results are expected by end 2019. The Phase 1 Exploration Period was also extended for another two years and now ends in December 2021.

Block EX-7; An exploration well, Bvs-1000, was drilled in 1Q2019 to a total depth of 3,800m and encountered several potential hydrocarbon bearing zones as identified on logs. Testing is now expected to commence in 1Q2020.

A deviated appraisal well on the Teremia North discovery, Ter-1001, was drilled in 1Q2019 and encountered several potential hydrocarbon-bearing zones. A long-term test was conducted from April to July 2019 which established a stabilized oil flow rate of approximately 150 bopd. Extended well testing is ongoing.

Block EX-8; A second deviated appraisal well on the Teremia North field, Ter-1002, was spudded in September 2019 and has been drilled to a measured depth of more than 2600 m. Extended testing is planned.

An exploration well, Pes-1000 was drilled and completed in 3Q2019 to a total depth of around 2500 m. Several potential hydrocarbon bearing zones were encountered and testing is planned to commence before the end of 2019. 

NIS will be funding 100% of the costs and fully carrying East West Petroleum through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence. 

New Zealand

As previously announced the Company has an agreement for sale of its 30% interest in its New Zealand permits and has been working with the purchaser to deal with the closing process. Recently there was a change in ownership of the operator and 70% owner which has resulted in a letter from government authorities regarding the financial capacity of the operator which impacts tenure to the permits. The operator must address the comments by early February 2020 and as a result closing of the Company's sale cannot occur until this issue is dealt with. As more information is obtained the Company will provide an update.


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