Summary month ago Seeking Alpha Operator NIS has declared the first joint venture well a potentially commercial well.
East West gets completely carried at this stage for costs, but still earns 15% of the production on each commercial well drilled.
Between one-fourth and one-third of the current stock price is cash on the balance sheet.
The investment in Advantage Lithium further limits downside risk.
The joint partnership with Tag Oil provides cash flow from at least 100 BOED.
East West Petroleum (OTCPK:EWPMF) finally announced a positive decision on its well drilled in Romania. To the surprise of some of us who thought we knew the main target was gas, this well found a significant amount of oil. By funding the entire cost at this stage, NIS is earning an 85% working interest. But East West gains a 15% interest in every well successfully completed at initially no cost for drilling and
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