December 19 (SeeNews) - Canada's East West Petroleum Corp said on Tuesday its joint venture partner and operator in Romania, Serbian oil and gas group NIS, has informed it that the Teremia 1000 well in western Romania could be 'a potential future oil producer.'
"A decision regarding the commerciality of the oil accumulation is expected to be taken when the results of future appraisal wells are known. In addition, as flaring of gas in Romania is forbidden, any oil production will require a technical solution for the use of associated gas together with acquiring the necessary permits and approvals for the infrastructure and facilities," East West Petroleum said in a press release.
"We are very pleased with the progress NIS is making with respect to actively undertaking exploration activities in Romania and encouraged by the results of the first exploration well, Teremia 1000," East West CEO David Sidoo said.
For 2018, NIS has proposed and is actively progressing comprehensive exploration programmes in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania.
It is hoped that 2018 activities in EX-7 will include the acquisition of infill 2D seismic over the Teremia 1000 discovery, an appraisal well and the drilling of another exploration well on a separate feature. In both EX-2 and EX-3, permitting is underway for a total of around 400km of 3D seismic surveying. In EX-8, another exploration well is planned which is hoped to be spudded in late 2018, according to the press release.
As the Teremia structure extends into block EX-8 future plans involve another appraisal well to be spudded although timing is currently uncertain.
NIS will be funding 100% and fully carrying East West through the commitment work programmes in each of the blocks in return for earning an 85% interest.
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.
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