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East West Awarded Interest in New Zealand East Coast Basin Acreage

Source: www.gulfoilandgas.com 12/5/2013, Location: Not categorized

East West Petroleum Corp, is pleased to announce that New Zealand Petroleum and Minerals (“NZPAM”) has awarded the Company a 40% interest and its joint venture partner and operator TAG Oil Ltd (“TAG”) a 60% interest in petroleum exploration permit 55770 (“PEP 55770”) covering 106,157 acres in the East Coast Basin of New Zealand as part of the 2013 New Zealand Block Offer.

The initial 12-month work program will be funded by the Company and consists of reprocessing available seismic data. Going forward, in order to maintain the Company’s 40% interest in the permit, the Company can choose to fund the acquisition of 60 km’s of new 2D seismic and one unconventional well drilled to approximately 2,500 meters by April 2017.

David Sidoo, President and CEO of East West Petroleum commented, “We are very happy and excited for TAG and East West to be awarded this new acreage in the 2013 New Zealand Block Offer. This expansion into the East Coast Basin with a proven operator like TAG will provide East West with high impact exploration potential in New Zealand. We are also pleased to continue to grow our relationship with TAG, a company that has proven to be very successful over many years with their New Zealand asset portfolio.”

The East Coast Basin is a lightly explored, Cretaceous-Cenozoic age fore-arc basin. The basin contains numerous oil and gas seeps and has potential for significant discoveries of both conventional and unconventional hydrocarbons. The basin contains a working hydrocarbon system and initial studies have shown the sources rocks to be highly comparable to proven unconventional plays, such as the Bakken in North America.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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