East West Petroleum Corp.: East West Petroleum Provides Operational Update for Romania
Vancouver, British Columbia (Newsfile Corp. - February 26, 2021) -
East West Petroleum Corp. (TSXV: EW) ( East West or the Company ) is pleased to provide the following operational update for Romania.
As previously reported, the Company s joint venture partner and operator, NIS Petrol ( NIS ), subsidiary of NIS a.d., suspended all operational activities on March 25
th 2020 when a national lockdown was declared in Romania. All exploration operations have been on hold since that time.
In the latter part of 2020, NIS evaluated development options for the Teremia North oil discovery.
An Operating Committee Meeting was held on February 8th, 2021 where NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company s assessment, marginal and did not merit the significant capital contrib