- East West Petroleum (EW) provides updates on its operations in Romania
- East West’s partner and operator, NIS Petrol, has suspended all operations in Romania since March 25, 2020
- NIS will develop Teremia North on an exclusive basis
- NIS has to date drilled five out of twelve exploration wells in the four Romanian blocks
- East West Petroleum invests in international oil and gas opportunities. The company’s primary focus is on New Zealand and Romania
- East West Petroleum (EW) is down 14.29 per cent, trading at C$0.06 per share as of 9:30 am EST
East West Petroleum (EW) provides updates on its operations in Romania.
The company’s joint venture partner and operator, NIS Petrol, suspended all operational activities on March 25, 2020 due to Romania’s national lockdown.
NIS evaluated development options for the Teremia North oil discovery and voted in favour of a commercial discovery on the property. East West, on the other hand, voted against the existence of a commercial discovery.
The field economics were, in East West’s assessment, marginal and did not merit the significant capital contributions required. NIS, being a vertically integrated oil and gas producer, could support the development costs given the internal economies available.
NIS has since advised that it will develop Teremia North on an exclusive basis. There is some uncertainty as to whether the proposed development can be conducted as an exclusive operation. East West is assessing what options are available and is in discussions with NIS in regard to such matters.
NIS has to date drilled five out of twelve exploration wells in the four Romanian blocks. Although operations have been suspended due to COVID-19, NIS Petrol is committed to fulfilling the work programs in all blocks.
NIS will be funding 100% of the work programs in each of the blocks in return for an 85% interest in each license.
East West Petroleum invests in international oil and gas opportunities. The company’s primary focus is on New Zealand and Romania.
East West Petroleum (EW) is down 14.29 per cent, trading at C$0.06 per share as of 9:30 am EST.