Canada’s East West Petroleum Corp said that its joint venture partner and operator in Romania, Serbian oil and gas group NIS, has reported ‘encouraging’ testing results for oil and gas in the Pannonian Basin of Western Romania.
Naftna Industrija Srbije (NIS) has reported that testing of multiple intervals on the first well in EX-7 Periam block has been completed with encouraging results for oil and natural gas, East West Petroleum said in a press release on Wednesday.
“The operator has advised that the initial results obtained during workover and testing will be analysed in NIS Scientific Center in Serbia, which will decide if the well is to be declared commercial and what would be the next steps to follow,” the Canadian company said.
NIS will be funding 100% and fully carrying East West through the minimum work programme of the exploration phase in return for earning an 85% interest in the blocks.
“We are pleased to have results from our first JV well showing oil and gas indications. NIS was able to drill this conventional well with no environmental issues and strong community relations,” East West CEO David Sidoo said.
East West Petroleum Corp. is a TSX Venture Exchange listed company established in 2010 to invest in international oil and gas opportunities with primary focus on two key areas: New Zealand and Romania.