EAST WEST PETROLEUM CORP. (TSX VENTURE:EW) ("East West" or the "Company") Mr. Dylan Sidoo, Director, is pleased to announce that we have been informed by our JV Partner, NIS, that drilling of the first well in EX-7 Periam block, in the Pannonian Basin of Western Romania has been completed. Core and cutting sampling correlated with wireline logging and other information collected during drilling will be tested and evaluated. The results will be used in developing the testing program which will be the next stage of operations. We will be providing a further update when available. NIS will be funding 100% and fully carrying East West through the minimum work program of the exploration phase in return for earning an 85% interest in the blocks.
The Company is also pleased to report that in New Zealand, at the Cheal E site, PEP 54877, a waterflood project has commenced. It is expected that water injection rates will increase to 800 b/d, with an initial response projected to be seen in calendar Q3 2017.
Said CEO, Mr. David Sidoo, "We are pleased with the progress being made by NIS in Romania and look forward to the results of the testing. In New Zealand the waterflood project is now underway and we are expecting positive response from this capital investment. We are also reviewing other oil and gas acquisition opportunities which are coming available during this period of lower commodity prices."
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. 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").
SOURCE: East West Petroleum Corp.
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