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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

Bullboard Posts
Comment by Jman1076on Mar 22, 2020 8:38pm
131 Views
Post# 30836003

RE:Oil War impact to EW ?

RE:Oil War impact to EW ?Currently we are actively exploring EX - 7 & 8, with results due soon. I believe they have to the end of 2020 to determine if they want to go forward and say these areas are commercial. Recently NIS was granted an extension to complete exploration until 12 /31/2021 to determine if they will commercialize EX - 2 & 3. If they don't decide to commercialize by then I believe NIS and EW loses the exploration rights. I doubt whether NIS is willing to do this because Romania is needed to replace the decline that is occurring in Serbia. My best guess is sometime in the next few months, EX - 7 & 8 will be deemed commercial no matter the price of oil. They may delay exploration of EX - 2 & 3 until 2021 when activity cranks up.
Bullboard Posts