Exploration & Production | Capital Markets | Capital Expenditure
East West Plans Multi-Country Ops for 2013
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East West Petroleum Corp. has provided details on its 2013 capital budget of $13.9 million, which will be fully funded through the Company's existing cash balance of approximately $25 million.
The 2013 capital program will focus on exploration drilling on the Company's established acreage positions in New Zealand, Romania and California, and can be summarized as follows:
New ZealandAs announced on December 11, 2012, the Company was awarded three oil and gas concessions in New Zealand''s Taranaki Basin alongside its partner and operator TAG Oil Ltd. The licences have at least 10 shallow, low-risk, drill-ready prospects and additional leads have been identified, which lie in close proximity to TAG''s producing Cheal Oil field. The nine well drilling campaign is expected to commence on…
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