Ticker: EW (TSX-V)
VANCOUVER, Aug. 17, 2018 /CNW/ - International oil and gas
producer East West Petroleum Corp. (TSXV: 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 in these two blocks.
Acquisition commenced in Block EX-3 in May
2018 but has recently been delayed due to heavy rains and
flooding.
Block EX-7:
- An exploration well, BVs-1000, has been spudded on August 7, 2018, targeting a combination
structural/stratigraphic trap on trend with a proven
oil/gas/condensate field. The planned well depth is 3,750m and is expected to take about three months
to drill.
- Acquisition of 102 km of infill 2D seismic over the Teremia
1000 discovery has been completed and is currently being
processed.
- Following the successful testing of the Teremia-1000
exploration well in 2017, which flowed oil and gas from multiple
zones, drilling of a deviated appraisal well on the Teremia-1000
structure is anticipated to commence in September 2018.
- An experimental test production plan for the Teremia-1000
discovery well has been approved by the government authorities and
test production is expected to commence in 2Q 2019.
Block EX-8:
- Permitting continues for a 2,700m
exploration well with anticipated spud in 1Q 2019.
- Drilling of a second deviated appraisal well on the
Teremia-1000 structure, which is interpreted to potentially extend
into the EX-8 block, is anticipated in 1Q 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: "NIS has been making progress with pursuing the
substantial commitment work programs in the four blocks. A drilling
program has commenced targeting not only appraisal of the
Teremia-1000 oil and gas discovery but also the drilling of some
high impact exploration wells on a variety of play types. When we
have more information from the operator we will provide further
updates as operations progress."
JUVA LIFE INC. ("JUVA") ACQUISITION UPDATE
The LOI with Juva was signed and announced on July 17th and the company is
proceeding with the required documentation to implement the
transaction. The Company has incorporated a wholly owned
subsidiary, East West Oil and Gas Limited and is in process of
transferring all of the Company's oil and gas assets to this wholly
owned subsidiary. On completion of the transaction with Juva the
shareholders of the Company will own one share of East West Oil and
Gas Limited for each share held in the Company and shareholders
will also own 1 share of Juva for each 10 shares owned in the
Company.
David Sidoo, President and CEO
comments: "We are actively monitoring our operations in
New Zealand and Romania and are as involved as we can be in
operating decisions given our non-operator status. In New Zealand, the waterflood project is the key
activity and this is slowly progressing. In Romania, the Company is covered for all of its
costs up to the point of commerciality. If there is a commercial
success in Romania, East West will
be required to fund its pro-rata share of costs post production. At
that time, management will consider the best options to fund such
work program costs."
About East West Petroleum Corp.
East West Petroleum (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.
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.
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.