Ticker: EW (TSX-V)
VANCOUVER, Dec. 19, 2017 /CNW/ - East West Petroleum
Corp. (TSX Venture: EW) ("East West" or the "Company") Mr.
David Sidoo, President and CEO, is
pleased to announce that the Company's joint venture partner and
operator, Naftna Industrija Srbije ("NIS"), has informed East West
about the following test results from the first well, Teremia 1000,
in the EX-7 Periam block located in the Pannonian Basin of
Western Romania.
Light oil was tested from two intervals within metamorphic
basement with gross rates up to 363 bbls/day of fluid with water
cuts up to 49% (maximum gross oil rate 177 bbls/day). In addition,
a total of five intervals were individually tested in Miocene
sandstones, four of which flowed gas at gross rates in the range
0.74 to 4.27 MMscfg/d. The fifth interval flowed minor quantities
of gas and condensate. The Teremia 1000 well has been completed as
a potential future oil producer. A decision regarding the
commerciality of the oil accumulation is expected to be taken when
the results of future appraisal wells are known. In addition, as
flaring of gas in Romania is
forbidden, any oil production will require a technical solution for
the use of associated gas together with acquiring the necessary
permits and approvals for the infrastructure and facilities.
Forward Work Program
The operator, NIS, has proposed and is actively progressing
comprehensive exploration programs in the EX-2, EX-3, EX-7 and EX-8
exploration blocks in Romania.
Whilst all activities comprise part of the commitment work programs
they are nevertheless dependent on securing all the necessary
government and local approvals.
It is hoped that 2018 activities in EX-7 will include the
acquisition of infill 2D seismic over the Teremia 1000 discovery,
an appraisal well and the drilling of another exploration well on a
separate feature.
In both EX-2 and EX-3, permitting is underway for a total of
around 400km2 of 3D seismic surveying.
In Ex-8, another exploration well is planned which is hoped to
be spudded in late 2018. As the Teremia structure extends into
block EX-8 future plans involve another appraisal well to be
spudded although timing is currently uncertain.
We expect to be advised by NIS about the commencement of each
operation once all the necessary permits and government
authorizations are granted.
NIS will be funding 100% and fully carrying East West through
the commitment work programs in each of the blocks in return for
earning an 85% interest.
Mr. David Sidoo comments: "We
are very pleased with the progress NIS is making with respect to
actively undertaking exploration activities in Romania and encouraged by the results of the
first exploration well, Teremia 1000. NIS have conducted all
operations to a very high standard and are developing positive and
strong relations with the local communities in which they operate.
We look forward to an active forward program in 2018 and
beyond".
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.