Canada's East West Petroleum Corp. (the Company or East West), provided Tuesday the following update on its operations in the Taranaki Basin of New Zealand. TAG Oil Ltd. (TAG) is the operator and co-owner of all of the Company’s licenses in New Zealand.
PEP 54877: Cheal North East Permit (70 percent TAG Oil / 30 percent East West)
Following recompletion in the Mt. Messenger formation, a 15 day flow test of the Cheal-E2 well was completed where the well flowed naturally at an average rate of over 100 barrels of oil equivalent per day or boepd (73 percent oil) for a total of approximately 1,465 boe during the test. The well will now undergo pressure and temperature analysis and be placed on permanent production to the Cheal E-site production facilities.
The Cheal-E1, E5 and E6 wells continue to produce at steady rates of approximately 330 boepd (76 percent oil) net to East West with little decline to date. The Cheal-E4 well is temporarily shut in awaiting completion of the gas pipeline from the Cheal E-site. This pipeline is expected to be completed and commence operations in mid-2015 and will immediately increase East West’s revenue with gas sales to the New Zealand market.
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