Exploration & Production | Deals - Joint Ventures | Top Story
East West, TAG Oil Join Forces for East Coast Basin Project
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East West Petroleum Corp. has reported that New Zealand Petroleum and Minerals (NZPAM) has awarded the Company a 40% interest and its joint venture partner and operator TAG Oil Ltd 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…
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