East West Petroleum (OTC) (TSE:EW) has released an update.
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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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