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east west petroleum corp (EWPMF) Key Developments

East West Petroleum Corp. Provides Taranaki Basin Operations Update

East West Petroleum Corp. provided the following update on its operations in the Taranaki Basin of New Zealand. The Company's joint venture partner, TAG Oil Ltd. is the operator of all licenses. Cheal-E1, E4, and E5 wells, all located on the Cheal North East Permit, are all productive oil wells that have cumulatively produced approximately 60,000 bbls of oil to date. East West has now recovered the initial $5 million in revenue for its contribution of the first $5 million in costs for the initial drilling program on the permit. Cash flow from Cheal-E1 and E4 alone is expected to fund the company's committed capital expenditures for the remainder of calendar year 2014. This program includes at least one well on PEP 54876 (Southern Cross) permit and at least one new development well on the Cheal North East Permit following up the success to date where the company and TAG have established steady production and cash flow at E-site. The Cheal-E2 well, with similar reservoir qualities as the three producing Cheal E wells, is presently awaiting a work over that is planned for mid-March, prior to initiating a testing program on the potential producing zone encountered by the Cheal-E2 well. The Cheal-E3 well also encountered what the joint venture partners believe is commercial net pay based on petro-physical interpretation of the well log data. Data related to Cheal-E3 will be evaluated in advance of further work being completed on the well. In January /February 2014, three wells were drilled consecutively from the Cheal-G Site on the Cheal South Permit. East West funded the first $2.5 million in costs of a three well drilling program with both companies paying their 50% share after the initial investment of $2.5 million. Cheal-G1 was drilled to a total depth of 2,384 m and encountered six meters of hydrocarbon filled reservoir rocks within the Mt Messenger Formation as expected. The well was cased and is currently waiting on completion testing. Both Cheal-G2 and G3 encountered hydrocarbon filled reservoir sections within the Mt Messenger Formation, but both were interpreted to have sub-economic thicknesses and have been plugged and abandoned. The joint venture partners will review all results associated with the drilling program prior to conducting future operations on the permit. All Cheal-G site wells were drilled on time and on budget. The Nova-1 rig will now move from the Cheal South Permit to the Southern Cross Permit in approximately two weeks to drill up to two wells on this new permit following completion of construction of the Southern Cross well site. Southern Cross is located immediately to the North of the Cheal North permit that contains the company's Cheal-E wells. All permits and consents have been granted for drilling on the Southern Cross permit.

East West Petroleum Provides Operational Update on Operations in Taranaki Basin of New Zealand and in Romania; Provides Capital Expenditures Guidance for 2014

East West Petroleum Corp. provided the following operational update on its operations in the Taranaki Basin of New Zealand and in Romania. The Company's joint venture partner, TAG Oil Ltd. is the operator of all licenses in New Zealand, while in Romania the Company's partner Naftna Industrija Srbije is the operator of all concessions. The Company reported that to Feb. 15, 2014 the gross production from the Cheal E-site totaled over 50,000 boe. The Cheal-E1 well is currently producing at a rate of over 500 boepd (87% oil) through a 17/64" choke. The Cheal-E4 has been on test production since January 1, 2014, with an average production rate of over 280 boepd (83% oil). The Cheal-E4 well will soon be placed on permanent production following a temporary shut-in period to allow for temperature and pressure analysis while other E-site wells are flow tested, starting with Cheal-E5. The initial production testing data is being used to determine the long-term production scheme for the site. Under the joint operating agreement with TAG, East West paid 100% of the first CAD 5 million in drilling costs on the Cheal E site and is entitled to receive 100% of the first CAD 5 million in revenue, while paying 100% of the costs to produce that revenue, after which all revenue and costs will be shared 70:30 between TAG and EW. To date, over 23,000 barrels of oil have been sold at an average price of over USD 109/b from which the Company estimates it will receive cash netbacks of over USD 80 per barrel. East West expects to have recovered the $5 million in revenue by the end of first quarter of 2014. The Company also announced that the minimum committed 2014 capital expenditures in New Zealand for East West are expected to total CAD 10.4 million, which will include the drilling of three wells from the Cheal G-site, one well at Southern Cross, and at least one well from the Cheal E-site. In addition, seismic acquisition and reprocessing is planned for the Taranaki and East Coast permits in 2014. Further wells to the 2014 drilling program are expected to be added following the completion and interpretation of the results of the current drilling program. Capex for the 2014 committed work program and any additional wells will be financed from the Company's existing cash balance and from production from Taranaki Basin permits.

East West Petroleum Corp. Provides the Operational Update on Activities in the Taranaki Basin of New Zealand

East West Petroleum Corp. provided the operational update on its activities in the Taranaki Basin of New Zealand. All of the wells are operated by joint venture partner TAG Oil Ltd. The company has been informed by TAG the initial five well drilling program at the Cheal-E site on the Cheal North permit (PEP 54877) was successfully completed in mid-December. Cheal-E1 has been naturally flowing, 17/64" choke, for 44 days and has produced at an average of 547 boe/d (88% oil) while Cheal-E4 has been naturally flowing, 10/64" choke, for seven days and has produced an average of 315 boe/d (87% oil); both wells having produced in aggregate more than 23,100 barrels of oil to date (26,400 boe). Following perforation, Cheal-E2 and Cheal-E3 tested oil naturally to surface and will require artificial lift to maximize production as expected. This work, in addition to the perforation and completion of Cheal-E5 will be initiated in the second half of January as equipment becomes available. As required work is completed, Cheal-E site wells will be tied in for permanent production at TAG's recently commissioned Cheal-E site separation facilities. Pending completion of the outstanding activities at E-site and further analysis of all results, the joint venture estimates there is potential for 15 ­ 20 follow-up locations on the permits awarded in December 2012.

East West Petroleum Corp Provides Update on Operations in New Zealand

East West Petroleum Corp. provided the update on its operations in New Zealand where the Company is participating in a nine well drilling program in the Taranaki Basin. All of the wells are operated by joint venture partner TAG Oil Ltd. Update on Petroleum Exploration Permit 54877 - Cheal E Site (East West 30%): East West and TAG continue to enjoy drilling success on the 54877 (Cheal North) Permit. Three wells recently drilled from the Cheal North East site have now significantly extended the known extent of hydrocarbons from TAG's Cheal discovery. TAG and East West recently completed the third of five wells being drilled consecutively with the Nova-1 rig within Petroleum Exploration Permit 54877. The Cheal-E1, E2 and E3 wells, have all encountered oil and gas bearing sands in the Urenui and/or Mt. Messenger Formations. These wells have now been cased and perforated in preparation for a production testing program anticipated to commence in several days time. To ensure reliable long term production forecasting on future wells in this emerging play, the Cheal-E1, E2 and E3 wells will be initially tested consecutively so that each well will be individually evaluated for approximately 15 days, and then shut-in temporarily to conduct pressure and temperature analysis. Based on these results from the Cheal E site, the joint venture will now drill the Cheal-E4 and E5 wells, followed shortly after by three new step out wells in Petroleum Exploration Permit 54879 (Cheal South - East West 50%).

East West Petroleum Corp. Updates Progress on New Zealand Drilling Program

East West Petroleum Corp. provided 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. 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.

 

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