Canada's East West Petroleum Receives Ratification of Romanian Concessions

Thursday, 28 November 2013

Canada's East West Petroleum Corp said on Wednesday it has received formal ratification from Romania of three concession blocks awarded in the European country.

"The Baile Felix (EX-3), Periam (EX-7) and Biled (EX-8) have now been officially passed into law," the company said in a statement.

These three blocks and Tria concession block, ratified at the end of last year, cover a combined area of about one million acres.

According to the terms of a farm out agreement East West Petroleum Corp signed in 2011 with Serbian oil company NIS [BEL:NIIS], the Serbian company will earn an 85% interest by contributing 100% of the costs through the mandatory phase one and optional phase two exploration periods. East West will retain a 15% carried interest across all blocks through phase one and phase two.

The mandatory phase one of the exploration programme across all four concession blocks includes the acquisition and interpretation of 2D and 3D seismic data and the drilling of three wells per block over the next two years.

Seismic acquisition is currently underway on the Tria concession, the company said adding that the seismic acquisition for Baile Felix, Periam and Biled blocks will start shortly.

Vancouver-based East West Petroleum (www.eastwestpetroleum.ca) was established in 2010 to invest in emerging international unconventional resource plays.

Source: SeeNews
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