Exploration & Production
East West Moves Rig to Cheal Site; Preps to Drill
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East West Petroleum Corp. has reported the following operational update on its activities in New Zealand.
The Company and its partner TAG Oil Ltd. are currently in the final stages of obtaining the necessary permits to drill on the East Cheal permit. The rig is being moved onto location having recently completed drilling of TAG's Ngapaeruru-1 well in the East Coast Basin. Following receipt of the drilling permits, the first well targeting East Cheal is expected to spud in Q3 2013 and is estimated to take two to three weeks to drill and test. The rig will remain on location and drill a further four wells in succession to meet the work commitments on the permit.
East West will earn its interest in East Cheal by paying for the 100% of the costs to drill the first two wells; East West will…
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