Following the sign off by the remaining two ministries, the concessions will go to the Prime Minister for his signature before ratification by Parliament. The Company and NIS expect to receive formal ratification of the concessions in Q3 of this year.
With the pending ratification of the remaining concessions and the Tria seismic program about to commence, NIS has established an operational office in Romania. NIS has spent an estimated EUR0.5 million completing environmental impact studies and other preparations for the upcoming work programs. East West's 15% working interest will be fully carried by NIS through the phase one and, should the partners elect to proceed, the phase two work programs across all four blocks.
Planning of seismic and drilling operations has been completed on the other three concessions. Once final ratification of these concessions is received from the Romanian government, operations will commence on all three blocks. The plan is to drill a minimum of 12 exploratory wells on the four concessions over the next two years.
Said Company chairman David Sidoo, "We are very pleased to see that the ministerial approval process in Romania is nearing completion and that work programs are now underway beginning with the seismic work to be followed by an active drill program. We remain confident in the potential of our properties in Romania and our joint venture partner's ability to successfully implement the aggressive operating plans."
About East West Petroleum Corp.
East West Petroleum (http://www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company which was established in 2010 to invest in international oil & gas opportunities. The Company has built an attractive platform of assets covering and area over 1.6 million acres: Three exploration permits adjacent to existing production in the Taranaki Basin of New Zealand with partner TAG OIL (TSX VENTURE: TAO); 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 expected to commence in 2013, and in New Zealand where the Company expects to commence drilling operations by mid-2013, with nine wells to be drilled this year. 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.
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.
+1 604 682 1558
+1 604 682 1568 (FAX)
East West Petroleum Corp.
President & CEO
+1 972 955 7251
+1 604 683 1585 (FAX)
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