August 17 (SeeNews) - Canada's East West Petroleum Corp said on Friday that together with its joint venture partner and operator in Romania, Serbian oil and gas group Naftna Industrija Srbije has made progress in the exploration programs of four Romanian blocks.
All activities pending are dependent on securing the necessary government and local approvals, East West Petroleum said in a press release announcing NIS operational updates on shared Romanian-based projects.
"NIS has been making progress with pursuing the substantial commitment work programs in the four blocks. A drilling program has commenced targeting not only appraisal of the Teremia-1000 oil and gas discovery but also the drilling of some high impact exploration wells on a variety of play types. When we have more information from the operator we will provide further updates as operations progress," East West president and CEO, David Sidoo, said.
For blocks EX-2 and EX-3, permitting continues for acquisition of a total of approximately 400 sq km of 3D seismic studies in these two blocks.
The acquisition commenced in Block EX-3 in May 2018 but has recently been delayed due to heavy rains and flooding, East West Petroleum said.
In Block EX-7, an exploration well, BVs-1000, has been spudded on August 7 this year. The planned well depth is 3,750 m and is expected to take about three months to drill.
NIS also completed the acquisition of 102 km of infill 2D seismic over the Teremia 1000 discovery.
Following the successful testing of the Teremia-1000 exploration well in 2017, which flowed oil and gas from multiple zones, drilling of a deviated appraisal well on the Teremia-1000 structure is anticipated to commence in September 2018. An experimental test production plan for the Teremia-1000 discovery well has been approved by the government authorities and test production is expected to commence in the second quarter of 2019.
For Block EX-8, permitting continues for a 2,700 m exploration well with anticipated spud in the first quarter of next year. Drilling of a second deviated appraisal well on the Teremia-1000 structure, which is interpreted to potentially extend into the EX-8 block, is anticipated also for the first three months of 2019.
NIS will be funding 100% of the costs and fully carrying East West through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence.
East West Petroleum Corp. is a TSX Venture Exchange listed company established in 2010 to invest in international oil and gas opportunities with primary focus on two key areas: New Zealand and Romania.
In Romania the company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin, in the country's western part. The company does not own the acres but has exploration rights.
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