Financials online. Production improved. Romania advancing- Cash CAD $5 mln / 90 mln shares = 0.055 per share
- Cashflow from New Zealand operations with 30% ownership, most workovers completed and others final in October.
- Romania assets ownership of 15% while the sale process is advancing by NIS, according to new MD&A. THESE ASSETS DON'T SHOW IN THE BOOKS. Who knows how much NIS has invested by now, website info is old with US$60mln invested in a program defined in 2011. Note that oil and gas is now at better economics. https://www.eastwestpetroleum.ca/projects/romania/
- Receivables and payables in line with eachother.
- Decommisioning liabilities are only for legal show.
- New Zealand production improved to 6.551 BOE from 5.418 last quarter with 3 of 5 wells online, the other 2 wells workovers planned to complete in September/October.
The Cheal-E1 well, which is the Company’s largest producer, continues to run at full capacity since repairs were completed on the well in late fiscal 2023.
Remember that workover expenses are included
The REAL deal / BONUS is Romania with sale process advancing according to new MD&A:
In addition the Company has recently been advised by NIS that it is considering a sale of the remaining exploration blocks and the Company has agreed that its 15% interest can be included in such efforts. While the sale process is advancing there is no guarantee that terms will be settled. The Company expects an update in the fourth quarter of calendar 2023.
Easy to view financials here: https://ceo.ca/ew