East West announces successful Cheal-D1 drilled under budget, ahead of schedule
Wednesday, Aug 16, 2017
East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") Mr. David Sidoo, President and CEO, is pleased to announce the successful drilling and casing of the Cheal-D1 exploration well, located near the northern portion of East West's 30% working interest in the Cheal East permit (PEP 54877) in the Taranaki Basin of New Zealand.

TAG Oil, the operator, drilled and completed the Cheal-D1 well approximately five days ahead of schedule and $750k under budget to a total measured depth of 2,400 m. The Company perforated an 18 metre section of high quality gas and condensate bearing sands (20-25% porosity on logs) in the Urenui formation and is currently being flow tested with no water production observed. The Company, following the flow test, will combine the well drilling and initial test data into its geological model and look at its options to commercialize the Cheal-D1 well.

In addition to the Urenui formation, the well also encountered two intervals of deeper Mt. Messenger Sands that look interesting on the logs. Further testing work will be undertaken in the future to investigate the potential of these sands as well.

David Sidoo, CEO commented, "I want to thank our operator for doing a good job drilling this successful well ahead of schedule and significantly under budget. Our two wells drilled this year were back to back successes and this Cheal-D1 well also brings a potential new discovery on our Cheal East permit. We look forward to also seeing results from our waterflood program announced earlier in the year and we expect to see an increase in BOE production by the end of the year."

About East West Petroleum Corp.

East West Petroleum Corp. is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. East West has built a diverse portfolio of attractive exploration assets covering a gross area of over one million acres. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and is evaluating a low risk exploration play, and Romania where it is fully carried on a seismic surveying and 12 well exploration program. In New Zealand, East West holds an interest in three exploration permits near to existing commercial production in the Taranaki Basin, operated by TAG Oil Ltd. The Company also has interests in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). 

For more information, please visit: http://www.eastwestpetroleum.ca

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