Ticker: EW (TSX-V)
VANCOUVER, May 22, 2018 /CNW/ - International oil and
gas producer East West Petroleum Corp. (TSX-V: EW) ("East West"
or the "Company") is pleased to announce that the Company's
joint venture partner and operator, Naftna Industrija Srbije
("NIS") has provided the following operational update for
Romania. It should be noted that
all activities are dependent on securing the necessary government
and local approvals.
Blocks EX-2 and EX-3:
- Permitting continues for acquisition of a total of
approximately 400 km2 of 3D seismic. Acquisition is
expected to commence in Block EX-3 in 2Q 2018.
Block EX-7:
- Acquisition of a total program of 95 km of 2D seismic was
recently completed.
- Construction of a drilling pad and access road for the drilling
of an exploration well is underway. Anticipated spud is early 3Q
2018.
- Following the successful testing of the Teremia-1000
exploration well in 2017, which flowed oil and gas from multiple
zones, drilling of an appraisal well on the Teremia-1000 structure
is anticipated in late 3Q 2018.
Block EX-8:
- Permitting continues for an exploration well with anticipated
spud in 4Q 2018.
- Drilling of a second appraisal well on the Teremia-1000
structure, which is interpreted to potentially extend into the EX-8
block, is anticipated in 2019.
NIS will be funding 100% of the costs and fully carrying East
West through the commitment work programs in each of the blocks in
return for earning an 85% interest in each licence.
David Sidoo, President and CEO,
comments "We are pleased with the progress that NIS has made
with progressing seismic acquisition and preparing for an active
drilling program later in the year. Of note is the planned
appraisal drilling on the Teremia-1000 discovery which is designed
to evaluate the size and commercial potential of the accumulation.
We look forward to providing further updates as operations
progress."
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.
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.