Ticker: EW (TSX-V)
VANCOUVER, Sept. 5, 2017 /CNW/ - East West Petroleum
Corp. (TSX Venture: EW) ("East West" or the "Company") Mr.
David Sidoo, President and CEO,
provides this update on drilling operations.
New Zealand
The operator has now completed drilling and testing
operations at the Cheal-D1 exploration well, which is located near
the northern portion of TAG Oil's 70% working interest and operated
Cheal East permit (PEP 54877) in the Taranaki Basin of New Zealand. TAG Oil drilled and completed the
Cheal-D1 well approximately five days ahead of schedule and under
budget to a total measured depth of 2,400 m. The operator
perforated an 18 m section of gas and condensate bearing sands in
the Urenui formation. Following extensive testing it was determined
that gas was present, however not in sufficient quantities to
produce as an economic discovery. The well will be suspended with a
plan to potentially re-enter in the future. All current
drilling commitments on the Cheal East permit have now been met.
Further testing work may be undertaken in the future to investigate
other potential exploration opportunities in the neighboring fault
blocks, as well as the potential of the two intervals of deeper Mt.
Messenger Sands that were encountered while drilling.
Romania
The Company has been advised by the operator that testing
procedures are still ongoing. The Company will issue a news release
once testing procedures are complete.
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. East West has built a
diverse portfolio of attractive exploration assets covering a gross
area of over one million acres. The Company has its primary focus
on two key areas: New Zealand,
where it has established production and cash flow and is evaluating
a low risk exploration play, and Romania where it is fully carried on a seismic
surveying and 12 well exploration program. In New Zealand, East West holds an interest in
three exploration permits near to existing commercial production in
the Taranaki Basin, operated by TAG Oil Ltd. The Company also has
interests in four exploration concessions covering 1,000,000 acres
in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije
("NIS").
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: the ability to raise sufficient capital to fund
exploration and development; the quantity of and future net
revenues from the Company's reserves; oil and natural gas
production levels; commodity prices, foreign currency exchange
rates and interest rates; capital expenditure programs and other
expenditures; supply and demand for oil and natural gas; schedules
and timing of certain projects and the Company's strategy for
growth; competitive conditions; the Company's future operating and
financial results; and treatment under governmental and other
regulatory regimes and tax, environmental and other laws.
Prospective Resources are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective resources have both an associated chance of
discovery and a chance of development. Prospective Resources are
further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and
development and may be subclassified based on project maturity.
Best estimate resources are considered to be the best estimate of
the quantity that will actually be recovered from the accumulation.
If probabilistic methods are used, this term is a measure of
central tendency of the uncertainty distribution (most likely/mode,
P50/median, or arithmetic average/mean). As estimates, there is no
certainty that any portion of the resources will be discovered. If
discovered, there is no certainty that it will be commercially
viable to produce any portion of the resources that the estimated
reserves or resources will be recovered or produced.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 mcf: 1bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on
such forward-looking information. The Company disclaims any
intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events
or otherwise.
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.
SOURCE East West Petroleum Corp.