The Company’s business plan is to grow reserves and production through a two-pronged strategy of securing conventional reserves and production with upside potential, while positioning the company to successfully capture and exploit large acreage positions in high impact oil and gas plays. The strategies being employed to achieve these objectives include taking non-operated equity positions in producing assets with clear upside potential, aggressive pursuit of acreage positions in areas where the Company has identified untapped potential, and building strategic relationships with a limited number of firms which have already secured exploration and production acreage.
East West Petroleum was listed as a Tier 2 oil and gas company in 2010 and graduated to a Tier 1 issuer in 2014.
The Company was informed by the Romanian government in July, 2010 that it was successful bidder for four, large, exploration blocks covering approximately 4,000 sq. km. (988,000 acres) in the Pannonian Basin of western Romania. These large, prospective exploration blocks lie within a well-established conventional oil and gas region in Eastern Europe and hold significant potential. All licenses have been ratified and the Company and its partner are complete technical studies in advance of drilling the first wells.
In New Zealand, East West Petroleum has partnered with TAG Oil Ltd. on three prospective permits located in the Taranaki Basin. Drilling commenced in Q3 2013 with the drilling of nine exploration wells which established permanent production to East West by year end 2013.