East West Petroleum Awarded an Interest in New Zealand East Coast Basin Acreage and Provides Operations Update
December 05 2013 - 9:15AM
Marketwired
East West Petroleum Awarded an Interest in New Zealand East Coast
Basin Acreage and Provides Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 5, 2013) - East
West Petroleum Corp. (TSX-VENTURE:EW) (the "Company" or "East
West") is pleased to announce that New Zealand Petroleum and
Minerals ("NZPAM") has awarded the Company a 40% interest and its
joint venture partner and operator TAG Oil Ltd ("TAG") a 60%
interest in petroleum exploration permit 55770 ("PEP 55770")
covering 106,157 acres in the East Coast Basin of New Zealand as
part of the 2013 New Zealand Block Offer.
The initial 12-month work program will be funded by the Company
and consists of reprocessing available seismic data. Going forward,
in order to maintain the Company's 40% interest in the permit, the
Company can choose to fund the acquisition of 60 km's of new 2D
seismic and one unconventional well drilled to approximately 2,500
meters by April 2017.
David Sidoo, President and CEO of East West Petroleum commented,
"We are very happy and excited for TAG and East West to be awarded
this new acreage in the 2013 New Zealand Block Offer. This
expansion into the East Coast Basin with a proven operator like TAG
will provide East West with high impact exploration potential in
New Zealand. We are also pleased to continue to grow our
relationship with TAG, a company that has proven to be very
successful over many years with their New Zealand asset
portfolio."
The East Coast Basin is a lightly explored, Cretaceous-Cenozoic
age fore-arc basin. The basin contains numerous oil and gas seeps
and has potential for significant discoveries of both conventional
and unconventional hydrocarbons. The basin contains a working
hydrocarbon system and initial studies have shown the sources rocks
to be highly comparable to proven unconventional plays, such as the
Bakken in North America.
Cheal E Update
The Company has been informed by TAG that the Cheal-E4 well
located in the Cheal North permit (PEP 54877) has reached a total
depth of 2,235 meters, and that operations were completed on time
and on budget. The Cheal-E5 well was immediately spudded by the
Nova-1 drilling rig with the expectation of reaching total depth by
mid-December.
In addition TAG has informed the Company that the Cheal-E1 well
is expected to be placed back on production on December 9, 2013
after being temporarily shut-in for planned pressure and
temperature analysis and that similar testing operations on
Cheal-E2 through to Cheal-E5 will continue over the next two months
with all successful wells expected to be placed on production
throughout December and January. Initial oil produced during the
Cheal-E1 test has been delivered to New Plymouth for subsequent
sale and eventual export.
Additional information on East West's Taranaki exploration
program can be found in the Company's press releases dated August
19th and November 14th.
About East West Petroleum Corp.
East West Petroleum (http://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 platform of attractive exploration assets covering an area
over 1.6 million acres. In New Zealand, East West holds an interest
in three exploration permits near to existing commercial production
in the Taranaki Basin with a nine well drilling campaign, operated
by TAG Oil Ltd. (TSX:TAO), is in progress. The Company also
interests in four exploration concessions covering 1,000,000 acres
in the prolific Pannonian Basin of western Romania with a
subsidiary of Russia's GazpromNeft; a joint venture exploration
program covering 8,000 gross acres in the San Joaquin Basin of
California; an oil-prone exploration block of 100,000 acres in the
Assam region of India with the three largest exploration and
production Indian firms ONGC, Oil India and GAIL; and a 100%
interest in a 500,000 acre exploration block onshore Morocco. The
Company is now poised to enter operational phases in Romania, where
it will be fully carried by its partner Gazprom-controlled Naftna
Industrija Srbije in a seismic and 12-well drilling program now
underway. The Company has adequate funds to cover all anticipated
seismic and exploratory drilling operations through 2013.
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.
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.
East West Petroleum Corp.Chris BeltgensCorporate Development
Manager+1 604 682 1558+1 604 682 1568www.eastwestpetroleum.ca
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