East West Petroleum Corp. (
TSX: V.EW,
Stock Forum) and its partner, and operator, in Romania, Naftna Industrija Srbije (NIS) said that seismic permitting is now underway in connection with the recently awarded seismic acquisition contract for the Tria concession.
The company’s concessions are located in the Pannonian Basin in western Romania, a region characterized by a number of production horizons with both structural and stratigraphic traps.
According to the
East West Petroleum press release, the Baile Felix, Periam and Biled concessions continue to move through the approval process. The three agreements are now under review by the last Ministry involved in the review process. Once the review process is completed the agreements will be forwarded to the Prime Minister for final government approval. Seismic acquisition tendering for these concessions is expected to commence in the next few weeks.
Once approved, the phase one work program includes seismic surveys and drilling of three wells on each of the four blocks.
NIS and the company will be targeting conventional reservoirs using conventional technology and will not be targeting shale formations.
East West Petroleum was established in 2010 to invest in international oil and gas opportunities.
On Monday, East West Petroleum was trading at $0.28 a share. The company had a market cap of $22.9 million, based on 81.9 million shares outstanding.