VANCOUVER, July 25, 2019 /CNW/ - East West
Petroleum Corp. (TSX-V: EW) ("East West" or the
"Company") is pleased to provide this corporate
update.
OPERATIONAL UPDATES
New Zealand
The Company continues to work to finalize the sale of its 30%
holding in the Cheal permits. A special meeting of
shareholders to approve the sale will take place on August 7, 2019. TAG Oil Ltd. ("TAG") is the
owner of the 70% interest in the Cheal permits. TAG Oil Ltd. has
agreed to sell 100% of its New
Zealand assets including the Cheal permits. Closing of this
sale is expected to close shortly.
Romania
The Company's joint venture partner and operator, Naftna
Industrija Srbije ("NIS"), has provided the following operational
update for Romania.
The operator, NIS, has proposed and is actively progressing with
comprehensive exploration programs in the EX2, EX3, EX7 and EX8
exploration blocks in Romania. It
should be noted that all activities are dependent on securing the
necessary government and local approvals.
On block EX-3, processing of the data acquired last year on 223
km2 3D seismic program has been finished.
Interpretation of data is ongoing and results are expected in
4Q2019.
On block Ex-2, acquisition program of 3D seismic in the amount
of 170 Km2 is about to commence in 3Q2019. Significant
progress in permitting has been achieved.
On block EX-7, the preparatory activities for experimental
production on Ter-1000 are about to be finalized, and the start is
planned for the end of 3Q2019. The initial testing program on
appraisal well Ter-1001 was finished, and further testing is
planned for this year. Results will be announced when
received.
On block EX-8, drilling on Bvs-1000 was finished in March this
year, and preparation for testing is ongoing, with a plan to start
in 4Q2019. The well encountered a high pressure-high temperature
zone, which requires special equipment and additional time to
contract it.
By the end of this year, two more wells are to be drilled, one
more appraisal well Ter-1002 in EX-8 in 4Q 2019, and another
exploration well in the same block, which will be spud in
August 2019.
NIS Petrol is committed to fulfilling the work program under the
licence obligations as soon as practical, considering certain
legislative changes.
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.
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.
SOURCE East West Petroleum Corp.