East West Petroleum (OTC) (TSE:EW) has released an update.
East West Petroleum has announced an update on the sale of its New Zealand oil and gas properties, noting that the purchaser is awaiting necessary regulatory approvals with a deadline of May 31, 2024. If approvals are not received by March 31, the company will be compensated for additional costs up to $50,000. Post-sale, East West Petroleum may potentially distribute cash to shareholders, subject to the successful completion of the sale and tax/legal structuring, although there’s no guarantee this distribution will occur.
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