East West Petroleum Corp is understood to be offering equity in both PEP 54877 and PMP 60291, located in the Taranaki Basin, in which it holds 30% working interest. The company announced on 4 August 2020 that it had terminated an agreement for the sale if its equity in both permits to a private New Zealand company. East West Petroleum is now seeking to "bring value to shareholders from its 30% interest which can include the sale of the working interest".  PEP 54877 is located on trend with, and between, the Stratford and Cheal fields. The permit is virgin territory with no wells having previously been drilled. The area is covered by 3D seismic data, principally by the Brecon 3D survey which was acquired in 2006. The Kapuni 3D and Stratford 2D seismic surveys also cover portions of the permit.  PMP 60291 covers the Cheal East oil and gas field which was discovered in 2013. With the field on production at rates of over 200 boe/d for 2019, the permit offers a revenue stream in the right oil price environment. With the oil price at a 22-year low in April 2020, East West Petroleum reported that permit operator Tamarind Resources Pte Ltd had considered the possibility of shutting the field in amidst a collapsed oil price.  PEP 54877 covers an area of 12 sq km and was originally awarded on 11 December 2012. PMP 60291 covers an area of 3 sq km and was awarded on 15 September 2017. Tamarind Resources Pte Ltd, via wholly owned subsidiary Cheal Petroleum Ltd, holds 70% operated interest in the permits with the remaining 30% held by East West Petroleum Corp subsidiary East West Petroleum (NZ) Ltd.
(Taranaki B.) East West Petroleum Corp is understood to be offering equity in both PEP 54877 and PMP 60291. Both blocks are operated by TAMARIND (70%) partner EAST WEST (30%).