Exploration & Production | Drilling / Well Results | Deals - Joint Ventures
East West, TAG Detail Progress at Taranaki Project
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East West Petroleum Corp. has reported an update on its operations in the Taranaki Basin of New Zealand.
The Company's joint venture partner, TAG Oil Ltd., is the operator of all licenses.
PEP 54877: Cheal North East Permit (30% EW)Cheal-E1, E4, and E5 wells, all located on the Cheal North East Permit, are all productive oil wells that have cumulatively produced approximately 60,000 bbls of oil to date. East West has now recovered the initial $5 million in revenue for its contribution of the first $5 million in costs for the initial drilling program on the permit. Cash flow from Cheal-E1 and E4 alone is expected to fund the Company's committed capital expenditures for the remainder of calendar year 2014. This program includes at least one well on PEP 54876 (Southern Cross) permit and at…
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