Last $0.11 USD
Change Today +0.006 / 6.00%
Volume 177.3K
EWPMF On Other Exchanges
Symbol
Exchange
Venture
OTC US
As of 8:10 PM 03/4/15 All times are local (Market data is delayed by at least 15 minutes).

east west petroleum corp (EWPMF) Key Developments

East West Petroleum Provides Operational Update on its Operations in New Zealand and Romania

East West Petroleum Corp. provided the update on its operations in New Zealand and Romania. TAG Oil Ltd. is the operator and co-owner of all of the Company's licenses in New Zealand, while in Romania, Naftna Industrija Srbije is the operator of all four of the Company's concessions. Over a test period of eleven days the Cheal-E6 well continues to naturally free flow under a 16/64 choke at stable rates. During the period, Cheal-E6 produced at an average gross rate of 325 boepd (81% oil) for a total of 3,178 barrels of oil and 4,456 mscf of gas. The well will be shut-in for a planned pressure build-up test up for a period of three days and then will resume ongoing production into the Cheal E-site production facilities. The Cheal-E1, E4 and E5 wells continue to produce at steady rates of approximately 255 boepd (76% oil) net to East West with little decline to date. With the additional production from E6, production is forecast to increase 38% to over 350 boepd net to East West. The next work at E-site will include the recompletion of the Cheal-E2 well in the Mt. Messenger formation in first quarter. The E2 well initially targeted the Urenui Formation; however following a joint venture review of drilling and completion operations, it was determined that mechanical completion issues prevented commercial production from the Urenui sandstones. After comparing these results with all of the E-site drilling data now available and comparing with seismic coverage over the permit, the joint venture has decided to isolate the Urenui Formation in this well and re-complete Cheal-E2 to establish production from the Mt. Messenger Formation. Following recompletion, the E2 well will undergo flow testing and temperature and pressure analysis. The estimated net cost to East West is approximately NZD 240,000.

East West Petroleum Corp. Announces Drilling of the Cheal-E6 Well in Taranaki Basin of New Zealand

East West Petroleum Corp. announced the successful drilling of the Cheal-E6 well (30% working interest) in the Taranaki Basin of New Zealand. TAG Oil Ltd. is the operator and co- owner of all of the company's licenses in New Zealand. The Cheal-E6 well was drilled to a total depth of 1,939 metres (6,360 feet) and is interpreted to have intersected over nine meters (29.5 feet) of net oil and gas bearing sands in the Mt. Messenger Formation, which was the main objective of the well. The well will now be completed as a potential oil well with production testing to begin this week and, if economic, will be immediately commercialized through the existing production infrastructure at the Cheal E-site.

East West Petroleum Provides Operational Update for New Zealand

East West Petroleum Corp. provided the update on its operations in New Zealand. TAG Oil Ltd. is the operator and co-owner of all of the company's licenses in New Zealand. PEP 54877 (Cheal North), 30% East West: Production from the Cheal E-site (30% East West) continues to remain steady at approximately 250 boepd (76% oil) net to East West from three wells (Cheal-E1, -E4 and -E5). The Cheal-E1 and -E4 wells continue to flow under natural production, with the Cheal-E5 well remaining on artificial lift. The Nova-1 rig has arrived in the Taranaki Basin and has now spudded the Cheal-E6 well. The Cheal-E6 well will be targeting the Mt. Messenger sandstones in proximity to the Cheal-E1 and Cheal-E4 wells and is expected to take approximately 21 days to drill. The company's share of drilling costs for the Cheal-E6 well amount to approximately $1 million and will be funded out of the company's existing cash balance. In January, the joint venture partners have scheduled a recompletion of the Cheal-E2 in the Mt. Messenger Formation. The E2 well initially targeted the Urenui Formation; however following a joint venture review of drilling and completion operations, it was determined that mechanical completion issues prevented commercial production from the Urenui sandstones. After comparing these results with all of the E-site drilling data now available and comparing with seismic coverage over the permit, the joint venture has decided to isolate the Urenui Formation in this well and re-complete Cheal-E2 to establish production from the Mt. Messenger Formation. Following recompletion, the E2 well will undergo flow testing and temperature and pressure analysis. The estimated net cost to East West is approximately NZD 240,000. PEP 54879 (Cheal South), 50% East West: East West reported that the 1,016 barrels of oil from the Cheal-G1 test were sold in September for net proceeds of $101,963. Under the terms of the joint venture agreement with TAG, East West is entitled to receive 100% of the first $2.5 million in revenue, while paying 100% of the costs to produce that revenue, in return for having funded the first $2.5 million in exploration costs at Cheal South. The data from the Cheal-G1 test is now under review along with the data from the G2 and G3 wells and existing seismic data to determine the optimum development strategy for Cheal South.

East West Petroleum Corp. and TAG Oil Ltd. Announce Operational Update for New Zealand

East West Petroleum Corp. provided update on its operations in New Zealand. TAG Oil Ltd. is the operator and co-owner of all of the company's licenses in New Zealand. PEP 54879 (Cheal South), 50% East West, The Cheal-G1 well on the Cheal South permit has completed its scheduled 11-day flow test. Approximately 1,020 boe (94% oil) was produced during the test. Over the last 5 days of the test, the well averaged 127 boepd (93% oil) of steady production utilizing a jet pump artificial lift system. The well is now shut in and undergoing temperature and pressure analysis. The joint venture partners are continuing to review the prospectivity of the area accessible from the Cheal G-site to identify further drilling targets. The oil produced during the test has been comingled and sold with production from the Cheal E-site. Under the PEP 54879 joint venture agreement with TAG, East West is entitled to receive 100% of the first $2.5 million of revenue from the permit, while paying 100% of the costs to produce that revenue, in return for funding the first $2.5 million in exploration costs. After receiving the first $2.5 million in revenue, all revenues and costs will be split on a 50:50 basis between the joint venture parties. PEP 55770 (East Coast), 40% East West, East West announced that the joint operating agreement for PEP 55770 located in the East Coast Basin has been finalized with the permit operator TAG Oil Ltd. who holds a 60% interest in the permit. PEP 55770 was awarded in the 2013 New Zealand Block Offer and has a term of 10 years commencing April 1, 2014. Under the terms of the permit and JOA, the committed work includes the reprocessing of existing seismic data during the first 12 months. Post the completion of the committed work, and should the joint venture choose to continue with the permit, the next six months contingent work will entail the acquisition of 60 km of 2D seismic data followed a further contingent work period of 12 months which would include the drilling of one exploration well. Reprocessing of existing seismic data is currently underway. In addition, East West is awaiting the results of TAG's Waitangi Valley-1 well which is drilling in the nearby PEP 38348. Under the terms of the JOA and in return for funding 100% of the program mentioned above, East West will have access to all of the data and results of the Waitangi Valley-1 well, which will be combined with the reprocessed seismic to assess the prospectivity of PEP 55770 before committing to seismic acquisition in H1 2015. PEP 54877 (Cheal North), 30% East West, Production from the Cheal E-site remains stable with a low decline rate. July achieved the higher monthly average daily rate to date with 882 boepd (gross, 78% oil) produced through July from the Cheal-E1 and the E4 wells which continue to flow naturally and the E5 well which is on artificial lift with a jet pump. To date, the Cheal E-site has produced approximately 176,000 BOE (gross, 81% oil) since production started in mid-November 2013. In addition, a joint venture review of the Cheal-E2 drilling and completion operations that targeted the Urenui Formation determined that mechanical completion issues prevented commercial production from the Urenui. After comparing these results with all of the E-site drilling data now available and comparing with seismic coverage over the permit, the joint venture has decided to isolate the Urenui Formation in this well and re-complete Cheal-E2 to establish production from the Mt. Messenger Formation. Following recompletion, the E2 well will undergo flow testing and temperature and pressure analysis. The estimated net cost to East West is approximately NZD 240,000. The Nova-1 rig is scheduled to be used to drill the Cheal-E6 well on the PEP 54877 permit from the Cheal E-site prior to year end. The net costs of the Cheal-E6 well are approximately $1 million to East West and will be funded from the Company's existing cash balance. The Cheal E-site has the capacity for 12 wells to be drilled from the well pad and work continues by the joint venture partners to identifying additional E-site drilling targets for drilling in 2015.

East West Petroleum Corp, Annual General Meeting, Sep 26, 2014

East West Petroleum Corp, Annual General Meeting, Sep 26, 2014., at 10:00 Pacific Standard Time. Location: Suite 1210. Agenda: To receive the financial statements for the fifteen months ended March 31, 2014, together with the auditor's report thereon; to fix the number of directors at four; to elect directors for the ensuing year; to appoint Davidson & Company LLP, Chartered Accountants, as auditor of the company for the ensuing year and to authorize the directors to determine the remuneration to be paid to the auditor; and to transact such other business as may properly be put before the meeting.

 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup
Recently Viewed
EWPMF:US $0.11 USD +0.006

EWPMF Competitors

Market data is delayed at least 15 minutes.

Company Last Change
No competitor information is available for EWPMF.
View Industry Companies
 

Industry Analysis

EWPMF

Industry Average

Valuation EWPMF Industry Range
Price/Earnings -- Not Meaningful
Price/Sales -- Not Meaningful
Price/Book 0.6x
Price/Cash Flow -- Not Meaningful
TEV/Sales -- Not Meaningful
 | 

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact EAST WEST PETROLEUM CORP, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.