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East West Announces Successful Cheal-D1 Drilled Under Budget, Ahead of Schedule
East West Announces Successful Cheal-D1 Drilled Under Budget, Ahead of Schedule Ca...
About this update from East West Minerals Ltd.
[{"type":"text","content":"\n\n\n\nEast West Announces Successful Cheal-D1 Drilled Under Budget, Ahead of Schedule\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 15, 2017\n\n\n\nTicker: EW (TSX-V)\n\n\n\nVANCOUVER, Aug. 15, 2017 /CNW/ - 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. \n\nTAG 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.\n\nIn 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.  \n\nDavid 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.\" \n\nAbout East West Petroleum Corp.  \n\nEast West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in inte...