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 Km2 was 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.
About East West Petroleum Corp.
East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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