TAG's JV Partner announces-Vancouver, British Columbia: October 2nd, 2013 David Sidoo, President and CEO of East West Petroleum Corp. (TSX-V: EW, the “Company” or “East West”), is pleased to provide the following operations update on the ongoing nine well exploration drilling program in the Taranaki Basin of New Zealand with joint venture partner and operator, TAG Oil Ltd (“TAG”).
The Company has been informed by TAG that the Cheal-E2 well located in the Cheal North exploration permit has reached total depth of 2,198 meters, and that the operation was completed on time and on budget. TAG also reported that well logs from the Cheal-E2 well indicated hydrocarbon bearing strata was encountered within the Urenui and Mt. Messenger formations supporting the decision to complete and production test the well.
Production testing of the Cheal-E-2 well, as well as the Cheal-E-1 well, which well logs also indicated the presence of hydrocarbon bearing strata in the Urenui and Mt Messenger formations, is expected to commence in mid October.
The Nova-1 drilling rig will now be used to drill the Cheal-E-3 well, which will test an additional identified Urenui and Mt. Messenger prospects within the Cheal North permit.
Additional information on East West’s Taranaki exploration program can be found in the Company’s press release dated August 19th.
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 platform of attractive exploration assets covering an area over 1.6 million acres. In New Zealand, East West holds an interest in three exploration permits near to existing commercial production in the Taranaki Basin with a nine well drilling campaign, operated by TAG Oil Ltd. (TSX: TAO), is in progress. The Company also interests in 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 now underway. The Company has adequate funds to cover all anticipated seismic and exploratory drilling operations through 2013.
futr
://
