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