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East West Petroleum announces Romania and New Zealand operational update

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Hydrocarbon Engineering,

International oil and gas producer East West Petroleum Corp. has provided the following update on its operations in Romania and New Zealand. Naftna Industrija Srbije (NIS) is the operator and co-owner of all the Company's licenses in Romania, while in New Zealand, TAG Oil Ltd is the operator and co-owner of all the Company's licenses.

Romania (15%)

East West has been informed by its partner NIS that spudding of the first exploration well in the Pannonian Basin of western Romania is expected in 1Q16. A final prospect has been identified following the new interpretation of existing seismic data along with evaluation of nearby wells and analysis of nearby fields. The well will be targeting expected conventional natural gas-bearing zones and will be drilled to a total depth of approximately 2500 m, consisting of two primary and three secondary geological targets. Coring will be completed on hydrocarbon bearing zones encountered during drilling, followed by wireline logging. Drilling and testing of the well is forecasted to take 50 - 60 days.

The Romanian drilling program is expected to continue in the second half of 2016 with additional wells being drilled based on the interpretation of newly acquired seismic. In total, 12 wells will be drilled as part of the work commitment across the four blocks in Romania during the first exploration period. NIS will be funding 100% and fully carrying East West through the Phase 1 and Phase 2 exploration periods in return for earning an 85% interest in the blocks.

New Zealand

East West's share of production from the Cheal-E field (30%) in the Taranaki Basin of New Zealand continues to supply the company with stable production and cash flow. Net wellhead production during F2Q16 (July - September 2015) averaged approximately 230 boe/d (62% oil) to the Company. Following the commissioning of the gas pipeline in May, gas production from the Cheal-E site is being sold, generating increased revenue, reducing transportation costs and eliminating flaring costs.

The upcoming work program in New Zealand will consist of at 3D seismic survey over the PEP 54879 (Cheal-G, 50% East West) license to locate and identify potential prospects for future drilling locations. The 3D seismic acquisition will cover an area of 37.5 km2 on the Cheal-G block and is part of a larger regional seismic survey, which is expected to commence in November and continue into 2016. The Cheal-G1 well currently remains shut in after testing approximately 120 boe/d due to lack of infrastructure in the area, which would allow for commercial production.

Edited from press release by

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