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East West Petroleum Corp.
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Strong Buy
East West Q2 2022 Profit & Update On RomaniaEast West Petroleum Corp Q2 2022. All information is available on Sedar. Symbols: EW (Canada) – EWPMF (USA) – 37A (Frankfurt) Prices (November 24, 2022): $0.075CAD - $0.055USD - €0.039EUR Shares Outstanding: 89,585,665 Options: 400,000 @ $0.10 | 1,890,000 @ $0.06 Warrants: Nil Allowable Capital Losses: $8,440,000 Non-Capital Losses Available For Future Periods: $28,550,000 Canada: $17,329,000 from 2026-2042 & New Zealand: $11,221,000 (No Expiry Date) **See Audited Results For More Details** Financials ASSETS Cash: $5,116,085 GST Receivable: $6,602 Amounts Receivable: $294,319 Oil Inventory: $110,014 Prepaid Expenses: $36,082 Property, Plant & Equipment: $230,009 Total Assets: $5,793,111 LIABILITIES Accounts Payable: $289,284 Decommissioning Liabilities: $997,138 Total Liabilities: $1,286,422 Six Month Performance Revenue: $1,670,890 Comprehensive Income: $317,820 (Only recent updates. Prior quarterly information is available on Sedar) Romania Without a joint declaration of a commercial discovery it is the Company’s position that commercial development of the field cannot proceed, NIS did not share this opinion. Rather than litigating this issue the discussions continued with NIS in an attempt to find a way forward. Given the consequences of a commercial discovery decision and significant funding obligations the Company and NIS continued negotiations on all available options including a monetization event. Negotiations were progressing well and a non-binding letter of intent was finalized. The parties were moving towards final documentation with essential terms of a monetization event agreed, being a cash payment of US $500,000 and a royalty interest of 2.1%, as defined. The outbreak of war between Ukraine and Russia brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to Canadian government sanctions. The Company and NIS are working on the final documentation to implement the agreed terms once closing is possible. |
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| Msg # | Subject | Author | Recs | Date Posted |
| 27 | Re: East West Q2 2022 Profit & Update On Romania | MrBean62 | 0 | 11/25/2022 9:31:52 AM |
