The Energy Report: When was East West Petroleum Corp. (EW:TSX.V) founded, and where do you operate?
David Sidoo: East West was formed in 2010 on the back of the award of four exploration blocks in Romania’s prolific Pannonian Basin. Following the award, we raised $30 million ($30M) to fund a work program and future business development. We then entered into joint ventures on these blocks with NIS (Naftna Industrija Srbije), the Serbian subsidiary of Gazprom. NIS is committed to funding Phase 1 exploration of €60 million (€60M) in exchange for 85%; we retain an interest of 15% carried through to commerciality.
In 2012, East West entered New Zealand’s Taranaki Basin with the award of three blocks held jointly with TAG Oil Ltd. Ten wells were drilled initially, and production and cash flow from New Zealand began in 2013.
TER: What was your experience before you started East West?
DS: I studied at the University of British Columbia (UBC) in Vancouver and played on its Thunderbirds football team. In 1982 we took home, for the first time, the Vanier Cup, the Canadian interuniversity championship. I then played professionally for six years in the Canadian Football League. After retiring from football in 1988, I entered the brokerage business and worked at Canaccord and Yorkton Securities for 11 years.
TER: What did you learn from football that is applicable to business?
DS: I learned that you can’t build companies and achieve success on your own. You’ve got to have a good team around you. That’s what we’ve assembled at East West. Most important, members of the team have to have strong technical knowledge. Next comes a good management squad that knows how to run a company, and has the expertise and connections to raise capital.
TER: What was your experience in oil before East West?
DS: More …read more