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Forum - Mining and Commodities Eh! (EAST WEST PETROLEUM CORP - EW.V)    All things commodities, with a Canadian Junior Miner focus.

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From: Jimjones1972 (Rep: 3) reply to Jimjones1972Date: 02/18/2020 11:09
Forum: Mining and Commodities Eh! - Msg #6464 - List EW.V msgs Thread #674116256 (Rec: 0)
East West to proceed with Cheal interest sale closing

2020-02-18 08:09 MT - News Release


Mr. Nick Demare reports

EAST WEST NOW PROCEEDS TO CLOSE SALE OF 30% INTEREST IN CHEAL PERMITS

East West Petroleum Corp. has provided this further update regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (Cheal permits) to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

The Company's news release of February 3rd 2020 provided an update on the regulatory concerns that had delayed closing of the Transaction and reported that Cheal Petroleum, the owner of a 70% interest in the permits and the operator, had prepared and submitted a response to local regulatory authorities addressing all concerns raised. The Company has now been advised by the local regulatory authorities that the permits will not be revoked and accordingly the Company and the Purchaser can now move forward to close the Transaction, the process will include approval to the transfer of the permits from local regulatory authorities. The Company does not anticipate significant delays for the Purchaser to obtain all necessary approvals to the Transaction.

As additional information is available regarding a closing date for the Transaction the Company will provide further updates.

About East West Petroleum Corp.

East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.



Reply to Jimjones1972 - Msg #6448 - 02/03/2020 13:11

2020-02-03 07:08 MT - News Release

Mr. Nick Demare reports

EAST WEST PROVIDES FURTHER UPDATE ON SALE OF 30% INTEREST IN CHEAL PERMITS

East West Petroleum Corp. has provided this update on the sale of its interest in petroleum exploration permit 54877 and petroleum mining permit 60291, which are subject to joint venture between a wholly owned subsidiary of the company and Cheal Petroleum Ltd., to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

At this time there are no contractual issues that are an impediment to closing the transaction, and the company and the purchaser had previously anticipated closing at or about this time.

In a news release dated Nov. 27, 2019, the company announced that because of the change in ownership of Cheal Petroleum as the operator of the joint venture and owner of 70-per-cent interest in the Cheal permits, certain government authorities in New Zealand had issued a notice regarding the financial capacity of the operator that impacted tenure to the Cheal permits. If the concerns are not satisfied, then tenure to the Cheal permits could be revoked. A revocation would impact both the company's 30-per-cent interest and Cheal Petroleum's 70-per-cent interest. The government has communicated no specific issues with the company or the proposed purchaser of the company's 30-per-cent interest in the joint venture. Cheal Petroleum has prepared and submitted a response and fully expects that all issues will be satisfactorily resolved.

Until local regulatory issues are addressed closing of the transaction cannot occur. At this time, it is not known when such concerns will be resolved, or whether they will be resolved, and further it is not known whether the delay could impact the company's agreement with the purchaser in respect of the transaction. As additional information is available, the company will provide further updates.

About East West Petroleum Corp.

East West Petroleum is a TSX Venture Exchange-listed company established in 2010 to invest in international oil and gas opportunities. The company has its primary focus on two key areas: New Zealand, where it has established production and cash flow, and Romania where it is carried to production on an exploration program. In Romania the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.
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